Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) reached $65,000 on Monday, advancing toward its all-time high of $69,000 achieved in November 2021.
What Happened: At the time of writing, the apex cryptocurrency is valued at $65,244, 5% below its peak, as reported by Benzinga Pro.
The rise comes amid optimism in market sentiment, heavy institutional demand, and the halving event that positions Bitcoin on a course to exceed its $69,000 levels.
Data from CoinGlass show that the Open Interest (OI) on the Chicago Mercantile Exchange (CME) for Bitcoin futures has hit an all-time high of $8.7 billion.
The CME's standard Bitcoin futures contract represents five BTC and serves as a gauge of institutional enthusiasm in the crypto sector. As it stands, the CME dominates nearly 30% of all Bitcoin derivatives investments, leading the largest Bitcoin futures marketplace.
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Why It Matters: Supporting the surge in institutional interest is the evident growth in Bitcoin holdings among so-called “whales”.
Glassnode's data indicates that whales holding at least 1,000 Bitcoin coins have increased close to 5% year-to-date and over 7% since October 2023.
According to Ali Martinez, an on-chain analyst, "around $110 million will be liquidated across the board if #Bitcoin jumps to $63,400!"
Around $110 million will be liquidated across the board if #Bitcoin jumps to $63,400! pic.twitter.com/OsmBfRFwYu— Ali (@ali_charts) March 3, 2024
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