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The increase in the bitcoin rate was driven by traders' positive sentiment about the cryptocurrency's future due to demand from institutional investors and backing from the Donald Trump administration. Positive sentiment was driven by the progress of the stablecoin bill in the US Senate.
Bloomberg highlights that another factor contributing to the rise in bitcoin's value was a significant surge in activity from Strategy company, which has amassed over $50 billion in cryptocurrency, along with an influx of token purchasers in the crypto market.
Julia Zhou, chief operating officer at market maker Caladan, stated that the current increase in the bitcoin exchange rate is not solely fueled by momentum, unlike previous cycles. She said that it is driven by quantifiable, ongoing demand alongside a lack of supply.
Bloomberg observes that notable investments are being funneled into a cluster of 12 bitcoin-ETFs: in May, investors put in $4.2 billion. This week in the options market, traders established positions at elevated levels: the top active contracts on the Deribit derivatives exchange were options priced at $110,000, $120,000, and $300,000, set to expire on June 27.
source: bloomberg.com
Bloomberg highlights that another factor contributing to the rise in bitcoin's value was a significant surge in activity from Strategy company, which has amassed over $50 billion in cryptocurrency, along with an influx of token purchasers in the crypto market.
Julia Zhou, chief operating officer at market maker Caladan, stated that the current increase in the bitcoin exchange rate is not solely fueled by momentum, unlike previous cycles. She said that it is driven by quantifiable, ongoing demand alongside a lack of supply.
Bloomberg observes that notable investments are being funneled into a cluster of 12 bitcoin-ETFs: in May, investors put in $4.2 billion. This week in the options market, traders established positions at elevated levels: the top active contracts on the Deribit derivatives exchange were options priced at $110,000, $120,000, and $300,000, set to expire on June 27.
source: bloomberg.com
