Bitcoin ETF volume now surges past a whopping $2.1 billion as an entirety, signifying an upcoming rally again.
$1.6 billion of that trading volume came in from BlackRock’s Bitcoin ETF, according to Watcher.Guru.
The massive drive behind Bitcoin’s trading volume follows a statement BlackRock CEO Larry Fink said regarding the cryptocurrency.
“We believe #Bitcoin is an asset class in itself.”
Crypto enthusiasts are speculating a massive bull run for the industry, as well as a potential Bitcoin Short Squeeze.
A short squeeze occurs when traders who have borrowed an asset in order to sell it at a lower price later (and pocket the difference) are forced to buy back the asset they borrowed as the price rises against them.
According to InvestAnswers, there are many Bitcoin bears heavily shorting BTC, meaning they have borrowed and sold the cryptocurrency in anticipation of a price decline.
This has set up a significant amount of fuel that could ignite a short squeeze rally if the price of Bitcoin starts to rise instead.
“The big story here is perpetual swap funding rates, averaged at negative levels over the past week, while open interest has sharply increased.
This suggests aggressive shorting, structurally creating a setup for a ripe short squeeze.
These are the funding rates and I encourage you to focus your eyes on the bottom with the red dips.”
The analyst noted that according to previous patterns, it has always been an opportune time to accumulate Bitcoin (BTC) when funding rates were lower and negative.
Bitcoin is currently trading just under $66K at the time of this publication.
But I’m curious to hear your thoughts.
Is Bitcoin really setting itself up for another massive rally?
The influx of capital going into several Bitcoin ETFs is certainly brewing bullish sentiment amongst investors.
Leave your thoughts below.
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Also Read: A New Memecoin Now Breaks Into The Top 100
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