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Bitcoin\u2019s (BTC<\/a>) market moves this week pushed the asset into fresh local highs as the world\u2019s largest digital asset further cemented its lead against other major blue-chip cryptos.<\/p>\n The asset rose above $30,000 early Monday morning before driving higher, blowing past several resistance levels not seen since the collapse of Terra<\/a> in May of last year.<\/p>\n Bitcoin is now trading around $34,100, down slightly, after climbing more than 14% and reaching a peak of just over $35,100 in early Tuesday trading. The activity has sent the asset\u2019s dominance, or total share of the market, to a two-and-a-half-year high, of around 54%.<\/p>\n Aditya Jalan, trading manager for APAC at FalconX told Blockworks BTC\u2019s dominance was lining up with trading activity from institutional investors who have been \u201cstrongly skewed\u201d toward buying BTC over ETH in the last week.<\/p>\n \u201cWithout a new and compelling narrative for ETH, we see no reason for this BTC dominance to dissipate in the near future,\u201d Jalan said.\u00a0<\/p>\n \u201cWe are also seeing institutions being constructive in BTC options markets with an increased appetite for upside structures in the $32,000-$36,000 strikes with one-month expiry.\u201d<\/p>\n Bitcoin trading has witnessed heavy volatility, with roughly $1 billion in open interest evaporated over a 24-hour period. Total short liquidations for the bellwether asset have also risen to more than $216 million \u2014 the largest to date this year, CoinGlass data<\/a> shows.<\/p>\n Le Shi, head of trading at Auros told Blockworks \u201cseveral interplaying factors\u201d are contributing to the heady price action, including last week\u2019s false ETF news which flushed an initial $100 million<\/a> worth of shorts.<\/p>\n \u201cDespite being inaccurate, the tweet re-invigorated interest in the ETF approval narrative<\/a>, which together with the price action as mentioned earlier, helped propel bullish bets towards $30,000.\u201d<\/p>\n Shi said he also believed the market received an \u201cindirect boost\u201d later in the week when the SEC moved to drop its lawsuit<\/a> against Ripple founders, further stoking speculation that the floodgates might soon open for regulated listings.<\/p>\n The bullish uplift followed a formalized win in the DC Circuit Court of Appeals for Grayscale Investments in its bid against the SEC to convert its bitcoin trust (GBTC) to an ETF on Monday.<\/p>\n While just a formality \u2014 in which the SEC will now have to mediate with Grayscale on a potential path forward \u2014 industry participants are growing increasingly optimistic about that outcome, Blockworks previously reported<\/a>.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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