A spot exchange-traded fund (ETF) is expected to be approved, and institutional investors are licking their chops to purchase bitcoin (BTC).
The ticker for a BlackRock ETF appeared on the Depository Trust & Clearing Corp. (DTCC) website on Tuesday, sparking the largest cryptocurrency in the world to surge to a 17-month high of $35,000.
According to Coinalyze data, a decline in open interest—a metric that evaluates the notional value of all derivatives positions across crypto exchanges—coincided with the breakout above the $31,800 resistance level. Retail investor interest is reflected in the decline, while open interest on the Chicago Mercantile Exchange (CME), a venue preferred by institutions, surpasses 100,000 bitcoin ($3.4 billion) for the first time.