Bitcoin Derivatives Suggest Surges Above $73K, All-Time High Next

Bitcoin Derivatives Suggest Surges Above K, All-Time High Next

Bitcoin derivatives suggest rises above $73,000, all-time high next

Bitcoin (BTC) saw a significant rise of 13.80% over the past 7 days, reaching $71,926 on May 21. This puts the cryptocurrency just 2.5% off its all-time high. The BTC price rally appears to be driven by two main factors: growing optimism surrounding the approval of an Ethereum spot exchange-traded fund (ETF) in the United States and a general market trend seeking a hedge against inflation, which also pushed gold and the S&P 500 to new all-time highs.

The chances of an Ethereum spot ETF being approved were increased from 25% to 75% by Bloomberg ETF senior analysts on May 20. The adjustment came after the U.S. Senate rescinded SEC Bulletin 121 on May 16, which had imposed strict capital requirements on banks with equity capital. customer digital assets. The Senate’s decision prompted a strategic reassessment at the White House, signaling a shift in the regulatory stance on cryptocurrencies.

SEC Chairman Gary Gensler, who had previously shown reluctance to classify Ethereum as a non-security ETF or approve its spot ETF, requested updates to the one-time Ethereum ETF filings on May 20. At least 5 ETF issuers have submitted their amended 19b filings with the SEC.

Bitcoin derivatives are display Moderate bullish sentiment, with demand for long BTC positions increasing via monthly futures contracts. The BTC futures premium jumped to 14%, the highest in five weeks, indicating moderately bullish market sentiment. The options market also reflects healthy sentiment, with a current bias of -8%, suggesting a market that is not overly optimistic despite the recent price surge.

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