CME Open Interest Hits January High, Bitcoin Surges to $52K, Market Cap Reaches $1 Trillion

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CME Open Interest Hits January High, Bitcoin Surges to $52K, Market Cap Reaches $1 Trillion

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Bitcoin Reaches $52K, Market Cap Hits $1 Trillion

According to CoinMarketCap, the price of Bitcoin has once again reached the $52K level after two years, hitting a high of $52.5K, and at the time of writing, it is at $52,132, with a 24-hour increase of about 5.78%, bringing its market cap to $1.023 trillion.

Ethereum, on the other hand, reached a high of $2,828, and at the time of writing, it is at $2,797.

The total market value of cryptocurrencies is approaching $2 trillion, at $1.94 trillion, with Bitcoin dominance at 52.5% and Ethereum at 17.2%. The total trading volume in the crypto market is $926 billion, with a 24-hour increase of 23.38%.

Is Bitcoin ETF and CME Trading Growth the Key?

Earlier reports have shown a high net inflow of Bitcoin spot ETF, with over $400 million in net inflows since 2/8.

Bitcoin at $52K! Is the Up Only Mode Activated? Wall Street Funds Continue to Flow into BTC ETF, Gold ETF Out of Favor

DLNews quoted analysts from K33 Research, pointing out that besides the impact of Bitcoin ETF, the surge in CME trading activity is also crucial, with Bitcoin futures open interest increasing by 24% last week, comparable to the peak before ETF approval.

K33 Research stated:

Market participants are re-entering the market, paying attention to the strong momentum brought by ETF flows. This is evident from the active market participants in the past week, with the share of CME's open interest contracts rising from 46% to 55%.

Source: coinglass

At the same time, Bitcoin is facing selling pressure from bankrupt institutions like Genesis. However, Andrew Kang, co-founder of Mechanism, recently emphasized with data that these sell-offs are insignificant compared to the profound impact of Bitcoin spot ETF on prices.

Genesis has been granted court permission to sell over $13 billion GBTC