【速報】Bitcoin Price Skyrockets to \$35,000, Fueling Optimism for Bitcoin ETFs

Bitcoin Breaks $35,000 Barrier, Reaching 16-Month High

Bitcoin's price continued to surge, surpassing $35,000 in a matter of minutes. This marks the highest level since May 2022 when the cryptocurrency faced significant challenges. The recent rally has renewed optimism in the industry, largely due to the anticipation of Bitcoin ETFs that could make it easier for investors to access and invest in BTC.

Grayscale and BlackRock Show Interest in Bitcoin ETFs

Grayscale, known for running the largest exchange-traded bitcoin product, has faced rejection from the U.S. Securities and Exchange Commission (SEC) in its attempt to convert the product into an ETF. However, a recent court decision criticizing the SEC's rejection has increased the possibility of Grayscale obtaining an ETF. Additionally, BlackRock, the world's largest asset manager, has its own application for a bitcoin ETF under consideration by the SEC. CEO Larry Fink expressed confidence in the future of crypto, comparing it to traditional safe-haven assets like U.S. Treasuries and gold.

BlackRock ETF Appears on Depository Trust & Clearing Corp. Website

BlackRock's bitcoin ETF has appeared on the website of the Depository Trust & Clearing Corp., a significant market utility in the U.S. While this does not mean that the ETF has been approved, it suggests that BlackRock is making progress in its preparations for the launch. The involvement of established financial firms in the crypto space and their efforts to introduce ETFs reflect growing optimism in Bitcoin's future as an investment option.

Derivative Positions Liquidated Amid Bitcoin Surge

During the rapid price surge of BTC, more than $167 million in derivative positions were liquidated, contributing to the daily total of $344 million. As bitcoin's price soared, open interest, the metric that measures the value of derivatives positions, did not keep pace, dropping from $10.5 billion to $9.4 billion. This decline was influenced by liquidations, stop-outs of short positions, and profits taken by long position holders.

Growing Importance of Options Market

Galaxy Digital's latest market report highlights the emerging narrative surrounding the options market. At approximately $32,500, options dealers need to purchase nearly $20 million worth of BTC for every 1% increase in order to maintain delta neutrality. This indicates the increasing significance of options trading in the overall dynamics of Bitcoin's price movements.