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- Bitcoin hits $118K as institutional demand fuels massive rally.
- Futures market surges with $80B in Bitcoin open interest.
- Altcoin market gains momentum as Bitcoin dominance slightly declines.
Bitcoin reached a new all-time high of $118,000 on Friday during mid-North American trading hours. The flagship cryptocurrency extended its strong momentum after clearing previous resistance zones earlier this week.
Trading activity surged significantly, with daily volume rising more than 50 percent in the past 24 hours. The trading volume of Bitcoin reached approximately 66 billion dollars, and there was increased activity in spot and derivatives markets.
More than 325 million dollars of leveraged Bitcoin positions were liquidated as a result of this sharp movement. Short Traders were driven away because the price shot up into uncharted territory.
The Bitcoin rally focuses on institutional demand. In the United States, spot Bitcoin ETFs have recorded steady investor inflows. On Wednesday, BlackRock IBIT raised $125 million within 24 hours.
Other companies like Strategy and Metaplanet have also gone further to strengthen their crypto stance, indicating a general trust in Bitcoin’s future prospects.
Investor behavior is also being affected by macroeconomic conditions. Recently, the One Big Beautiful Bill Act was passed in the United States, and it is said to increase the federal deficit by 3.3 trillion. It is likely to cause a fast increase in the world supply of money m2.
With the current uproar of inflation, various investors are already seeing the benefits of Bitcoin as a favorable store of value. The asset’s capped quantity and decentralised makeup are attracting increasing attention in tense economic conditions.
Futures Market Confidence Grows as Open Interest Surges
The futures market is registering increasing hopes in the price of Bitcoin. The volume of open interest in Bitcoin’s futures has risen by nearly 10 percent over the last 24 hours. It has now reached close to 80 billion dollars, which means there are high hopes about additional profits.
Ethereum was also on the upward trend, increasing by more than 2 percent to trade above 2,830. Bitcoin’s dominance dropped to 64.7 percent, which indicated increased attention to other cryptocurrencies.
Crypto analyst CryptoBoss suggested that the altcoin market might be parabolic now. This will even have a larger impact in the last quarter of the year as investors diversify their portfolios.
The inflow of ETFs and company purchases is behind Bitcoin’s push towards $118,000. The market is active, and the macro factors are in line, which means that additional growth can be expected.
Also Read: Ripple CTO Suggests Satoshi May Have Held Significant XRP Holdings in 2017
