• Bitcoin’s bullish rally resulted in a 13.27% jump in value week-on-week.
• BTC’s spot market activity was being powered by the U.S. market, with Coinbase taking the lead.

Fueled by institutional interest in cryptocurrencies, Bitcoin [BTC] briefly hit yearly highs of $31,000 last week. The bullish rally, catalyzed by TradFi giant BlackRock’s application for a spot Bitcoin Exchange-Traded Fund (ETF), resulted in a 13.27% jump in the king coin’s value week-on-week, as per CoinMarketCap.

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Futures market powering the rally?

According to crypto market data provider Kaiko, the rally was getting impetus from derivatives markets. The Open Interest (OI), or the dollar value locked in BTC futures contracts, hit its yearly peak recently while OI denominated in BTC touched its highest level since January 2023.

An increase in price complimented by an increase in OI indicated a higher capital inflow into the BTC market and increased speculative interest.

Moreover, as prices rose, many short-position traders, who were anticipating price drops, covered their positions to limit their losses. This drove BTC’s price further.

This was also reflected in the surge in short liquidations over the last week, according to Coinglass. At the time of writing, shorts worth more than $3 million were liquidated over the last 24-hour period.

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Author: Suzuki Shillsalot

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