Bitcoin Open Interest At All-Time High
Bitcoin has re-emerged at $56,500 after a 10% rally, making it the $1.1 trillion asset that makes up about half of the total crypto market. The surge puts it 18% shy of its $69,000 record high.
Other crypto stocks, such as Dogecoin and Bitcoin Cash, have seen gains of nearly 13% and 25% respectively. Bitcoin open interest is at an all-time high at $24.55 billion, and bitcoin mining stocks are now worth over $25 billion. Miner netflows reached nearly 4,683 BTC ($265 million) in favor of treasuries, but have skewed towards exchanges at 4,418 BTC ($250 million) for the day so far, indicating potential profit taking from miners.
US-listed spot bitcoin ETFs are sitting on bitcoin equal to about 40% of miners’ treasuries. MicroStrategy is 79% up on its bitcoin, turning $6 billion into nearly $11 billion, Tesla is up 63%, and El Salvador is presumably up 33% on bitcoin bought by president Nayib Bukele.
(With inputs from Shikha Singh)
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