With every passing trading session, Bitcoin has been creating higher highs. Just a few hours back, it ended up breaching $94k, scripting a new peak. Prior to this, it it had breached $93,450 on Nov. 13.
Season Index
Over the past day, roughly $326 million worth of positions were wiped off from the market.
BTC helped notch the price of most other assets from the market too, given the high correlation they share.
At press time, the aggregate market valuation was hovering around its multi-month high of $3 trillion.
Solana memecoin Bonk was the top gainer on the daily timeframe. After registering a 14.7% rally on the daily timeframe, it was seen exchanging hands at $0.00005642.
The market still seems to be engulfed within the Bitcoin season. According to the season index's reading, BTC has been able to outperform 75% of the top-50 coins over the past 90 days, giving it a stronger command in the market.
Spot ETF options trading goes live
The ATH creation coincides with spot ETF options going live on Wall Street. According to Noelle Acheson, the former Head of Market Insights at Genesis,
"Today is a significant step for a young asset in a huge market."
He added,
"It’s about offering investors of all types a greater range of investment strategies. It’s about encouraging more market makers to become active in the US crypto markets. And it’s about pulling BTC even further into the ranks of “investable assets” for all types of portfolios."
At the moment, only only one, i.e. BlackRock's IBIT, of the eleven US-based spot ETFs has options available. The product's demand has been pretty solid.
ETF Analyst Eric Balchunas pointed out on X [formerly Twitter] that "a few hundred million" have been registered so far in options volume. He asserted that the registered figure was "a ton" for day one.
Furthermore, there's "much more interest" in calls than in puts, indicating that market participating anticipate BTC's green-streak to continue.
From the technical point of view, analysts are expecting BTC to register a monthly close above $100k.
