What happened last week
Bitcoin has extended its upwards trajectory this week, most notably yesterday’s surge which culminated in a large candle topping out at $37’999 before being sold off towards $36’500, where we still trade currently. The moves triggered almost half a billion $ worth of futures positions to be liquidated, both short ($272M) and long positions ($218M) were caught by the squeeze and the sudden retraction afterwards. The open interest on Binance’s Futures platform has dropped by 14% in the past 24h, meanwhile the CME BTC futures have reached an all-time high in number of outstanding contracts. The piece of news that sparked the rally was a report that said that the SEC is in a dialogue with Grayscale on the topic of their Grayscale BTC Trust. The SEC did not comment on the matter. On Thursday the news broke that Blackrock is in the process of setting up an Ethereum Trust in Delaware, which could be a preparatory measure for a future ETH-Spot ETF application. The ETH price reacted strongly and quickly, rising by 6.4% within 2 hours, the rally continued throughout Thursday night and led to ETH climbing to $2’136, a level not seen in over half a year. ETH has since receded a small portion of the gains and is trading at $2’091 at time of writing.
