Bitcoin’s early 2024 rally stokes anticipation for potential ETF green light

Quick Take

The opening of 2024 has seen Bitcoin demonstrating a robust performance, with an 8% increase already recorded. A notable milestone was achieved when Bitcoin hit the $45,900 mark, which, interestingly, would be a high in 2023.

Despite a minor sell-off towards the end of 2023, recent data shows a significant surge in the total amount of funds allocated in open futures contracts, indicating a growing interest in the leading digital asset, which is a potential spot for ETF approval on the horizon.

In the last 24 hours, there has been a 10% increase in the total open interest, with the top two exchanges, CME and Binance, recording an increase of 8% and 14%, respectively, according to Coinglass.

In conjunction with this, the total digital asset market has experienced a substantial $160 million liquidation in the past 24 hours, with $130 million being shorts. Specifically, Bitcoin has seen $80 million shorts liquidated, according to Coinglass.

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