CandleFocus Glassnode Report Reveals Insights on Bitcoin’s Latest Rally – Why Investors Are Paying Attention
2024-10-27
Author: Content Editor
Bitcoin's recent price surge to $69,000 has brought relief to investors after months of stagnant trading. This uptick aligns with the cryptocurrency breaking through key technical thresholds and experiencing net capital inflows. Short-term bitcoin holders are now seeing unrealized profits, which could contribute to continued upward price momentum. Additionally, bitcoin futures open interest has reached a new high of $32.9 billion, with institutional involvement on the rise, particularly on the Chicago Mercantile Exchange. Cash-and-carry trading strategies are also gaining traction, indicating growing institutional interest in bitcoin.
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