Reported 5 months ago
Bitcoin derivatives are indicating a surge above $73,000, with the cryptocurrency approaching its all-time high of $71,926 on May 21 after a 13.80% increase in the past week. This rise is attributed to optimism regarding the potential approval of a U.S. spot Ethereum exchange-traded fund and a general market trend seeking protection against inflation. The approval odds for an Ethereum ETF were raised to 75% after the U.S. Senate overruled the SEC's Bulletin 121, prompting a regulatory shift. Bitcoin derivatives show a moderately bullish sentiment, with a 14% futures premium and a -8% options market skew, indicating a healthy market sentiment despite the price surge.
Source: YAHOO