241121: Bitcoin Inches Toward $100K Milestone Amid Pro-Crypto U.S. Policies
Bitcoin’s price surged above $96,500 during early Asian trading hours, nearing the historic $100,000 milestone and a $2 trillion market cap. This rally, nicknamed the “Trump trade,” follows a Republican election victory and renewed pro-crypto policies in the U.S. Over the past two weeks, Bitcoin has climbed nearly 30%, driven by a crypto-friendly government, Federal Reserve rate cuts, and increased risk appetite among investors.
A key catalyst for the rally is the debut of BlackRock's IBIT options, which saw a record-breaking launch with over $2 billion traded on the first day. Within an hour of trading, 73,000 contracts were exchanged, with a bullish call-to-put ratio of 4.4:1. This strong activity highlights growing institutional confidence in Bitcoin as a mainstream asset.
Meanwhile, discussions about a potential pro-crypto SEC chair, including candidates like Teresa Goody Guillén, further bolster market optimism. Analysts predict Bitcoin could reach $200,000 in the coming months, supported by increased institutional adoption and diversified trading strategies that may stabilize volatility and attract broader investor participation.
Source: CoinDesk
Futures Market Updates
In the past 24 hours, BTC futures experienced stronger growth in open interest (+9.11%) compared to ETH futures (+3.96%), reflecting greater market activity for Bitcoin. However, ETH futures saw a higher surge in trading volume (+21.84%) than BTC futures (+12.94%), indicating heightened trading intensity for Ether. BTC liquidations were more skewed towards short positions ($87.43M) than longs ($22.17M), while ETH liquidations showed a more balanced split between long ($38.93M) and short ($24.04M) positions. The long/short ratio for BTC slightly favored longs (51.55%), whereas ETH futures leaned towards shorts (50.99%). Notably, ETH futures funding rates (0.0142%) were more elevated than BTC’s (0.0068%), suggesting higher demand for leverage in ETH trades.
BTC Futures Updates
Total BTC Open Interest: $62.60B (+9.11%)
BTC Volume (24H): $123.60B (+12.94%)
BTC Liquidations (24H): $22.17M (Long)/$87.43M (Short)
Long/Short Ratio: 51.55%/48.45%
Funding Rate: 0.0068%
Ether Futures Updates
Total ETH Open Interest: $18.48B (+3.96%)
ETH Volume (24H): $39.05B (+21.84%)
ETH Liquidations (24H): $38.93M (Long)/$24.04M (Short)
Long/Short Ratio: 49.01%/50.99%
Funding Rate: 0.0142%
Top 3 OI Surges
DGB: $6.82M (+191.03%)
SWEAT: $4.81M (+176.95%)
TROY: $69.35M (+103.89%)