CDS Crypto News Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts’ Forecast of $83K Surge
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Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts’ Forecast of $83K Surge

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Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge

Crypto News Today- Bitcoin Futures Reach All-Time High of $37B; Analysts Forecast Potential Surge to $83K

Crypto News– Bitcoin traders have reached a new record for futures positions, with open interest exceeding $37.7 billion. This milestone surpasses the previous high of nearly $37 billion, set in March during bitcoin’s peak at over $73,000. This surge follows 18 consecutive days of net inflows into spot bitcoin ETFs, another record. The long-short ratio in BTC futures has surpassed 1, indicating more positions betting on price increases than declines. BTC is currently trading around $71,340, marking a 0.5% increase in the past 24 hours. Meanwhile, the CoinDesk 20 Index (CD20) has experienced a slight dip of approximately 0.2%.

Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge
Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge 1

According to analysis from 10x Research, Bitcoin may be poised for a surge to $83,000. This projection hinges on BTC surpassing $72,000 to complete an inverted head-and-shoulders pattern, indicating three price troughs with the middle one being the deepest. 10x founder Markus Thielen stated that this pattern suggests a new high for BTC is imminent. A breakout above $72,000, just a 1% climb from its current price of around $71,300, may depend on the release of U.S. nonfarm payrolls data at 08:30 ET. Weak data could strengthen the case for Fed interest-rate cuts, potentially fueling upward momentum in risk assets, including cryptocurrencies.

Healthcare firm Semler Scientific, known for integrating bitcoin into its corporate strategy, revealed on Thursday its purchase of $17 million worth of BTC, with plans to raise an additional $150 million for further acquisitions. The company’s existing 828 bitcoins, acquired for $57 million, now value at $59 million based on CoinDesk Indices market data. Collectively, publicly listed companies hold 308,442 BTC valued at approximately $21.8 billion on their balance sheets, as per bitcointreasuries.net. Semler’s announcement in late May of a $40 million bitcoin purchase drove its stock up by 25%. Pre-market trading shows a modest 3% increase in SMLR shares.

Today’s Highlighted Chart

Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge
Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge 2
  • The chart illustrates the relationship between the weekly percentage change in bitcoin’s price and the money flow indicator, which encompasses inflows through spot ETFs, stablecoins, and futures.
  • Since the introduction of ETF trading in mid-January, there’s been a positive correlation coefficient of 0.60 between these two variables.
  • The coefficient of determination (r2) stands at 0.36, indicating that approximately 36% of the variance in bitcoin’s price change can be attributed to inflows through ETFs and other related instruments.
  • This suggests that while there’s a positive correlation, the influence of inflows through ETFs and similar avenues on bitcoin’s price is moderate.
  • Source: 10x Research

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FAQs

What are Bitcoin futures?

Bitcoin futures are financial contracts that obligate the buyer to purchase or sell Bitcoin at a predetermined price on a specified future date.

What does it mean for Bitcoin futures to hit a record high of $37 billion?

It indicates that the total value of outstanding Bitcoin futures contracts has reached an all-time high of $37 billion, reflecting increased trading activity and market interest in Bitcoin derivatives.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Crypto News Today- Bitcoin Futures Hit Record High of $37 Billion Amid Analysts' Forecast of $83K Surge

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