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Bitcoin on the Rise: Price Hits $68,000 as Open Interest Reaches $20 Billion

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2 hours ago

Bitcoin's price has surpassed $68,000, a level not seen since July. With rising social media discussions and significant open interest, whales have played a key role in this surge.

Bitcoin Whales Making Moves

According to Santiment, Bitcoin whale transactions have reached their highest in the past 10 weeks, recording over 11,600 transactions with a minimum value of $100k. These whale movements are sparking notable market shifts, increasing Bitcoin's visibility among traders and investors.

Bitcoin generated more buzz on social media than altcoins due to its recent surge to $68,000 for the first time since July.

Record Open Interest Levels

Ki Young Ju, founder of Cryptoquant, reported that Bitcoin's open interest hit an all-time high of $20 billion, with the price standing 8% away from its ATH.

Bitcoin open interest hit an all-time high of $20 billion, and the price is 8% away from its ATH.Ki Young Ju

Market Impact

Bitcoin's rise has spurred increased purchases through Bitcoin ETFs. Investments in ETFs over the last three days totalled $1.2 billion, boosting overall holdings to $63 billion. BlackRock's share in these purchases accounts for 30%.

Bitcoin's current rise highlights the strong influence of whales and the growing interest from investors in Bitcoin ETFs. Despite potential short-term corrections, the long-term outlook remains positive.

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