Crypto Points

BlackRock’s iShares Bitcoin ETF (IBIT) acquires 12.6K BTC during market volatility, surpassing $9 billion in total inflows.

Bitcoin achieves a historic milestone by surpassing $69,000 on Coinbase, driven by robust buying from newly introduced U.S.-based spot Bitcoin ETFs. The cryptocurrency, now just 5% away from its 2021 peak in U.S. dollars, continues its upward trajectory, signaling potential further gains. Galaxy Digital and Invesco are among the issuers contributing to the momentum, with industry leaders expressing optimism about Bitcoin's ongoing price discovery phase and its increasing appeal as an institutional-grade asset.

Bitcoin soared above $65,000, nearing its 2021 peak, propelled by record bullish bets and a surge in open interest to an all-time high of $27 billion, signaling potential further gains. The cryptocurrency's market cap reached a record $2.8 trillion, fueled by a significant liquidation of over $60 million in short positions in the last 24 hours.

Recent surges in meme coins like DOGE, SHIB, BONK, PEPE, and WIF are fueling speculation about the onset of an altcoin season. Analysts point to potential signs of altcoins outperforming Bitcoin, emphasizing historical patterns and the need for caution in timing the shift. Monitoring Ethereum's breach of the $3,500 threshold is highlighted as a key confirmation signal for the anticipated altcoin season.

Analysts at The Market Ear have raised caution flags for short-term traders looking to join the Bitcoin rally, citing the Relative Strength Index (RSI), which has reached unprecedented levels alongside a bitcoin price above $60,000.

Despite the U.S. economy and its dollar displaying relative strength in recent years, Bitcoin is forging new all-time highs in various global markets, surpassing its November 2021 peak in several local currencies.

Blockchain protocols are increasingly enticing users with "points," score-counts linked to the ambiguous promise of future airdrops. As Ethereum experiences a speculative frenzy around these points, associated risks are growing.