BTC’s market dominance is at a 30-month high, coinciding with the fifteenth anniversary of the publication of the Bitcoin whitepaper.<\/p>\n
The milestone comes after the price of BTC tagged year-to-date highs of $34,500 on Oct. 30, its highest level since May 30. Bitcoin is up 106% in 18 months, with BTC last changing hands for $34,200. The rally also came amid a muted performance from other digital assets.<\/p>\n
BTC now represents 51% of the combined cryptocurrency capitalization, its highest level since April 17, 2021, according to CoinGecko.<\/p>\n Many researchers attributed the bullish momentum to expectations that the proposed spot Bitcoin ETF<\/a> from BlackRock, the world\u2019s largest asset manager, will soon receive regulatory approval in the United States. This appeared to be evidenced when BTC rallying 10% in one hour when the ETF\u2019s approval was falsely reported<\/a> on Twitter two weeks ago.<\/p>\n Arthur Hayes, the former CEO of BitMEX, also argued that investors are again turning their attention to historically non-correlated assets like Bitcoin and gold<\/a> while dumping U.S treasuries and bonds. Hayes said the move was triggered by concerns the U.S. government may commit financial aid to the ongoing Ukrainian and Israeli military campaigns.<\/p>\n On Oct. 30, CoinShares reported<\/a> an 18-month high for weekly capital inflow to institutional crypto at $326M, with BTC accounting for 90% of the total. However, $15M was also injected into products betting against the price of Bitcoin.<\/p>\n CoinShares noted that U.S. flows to institutional crypto products are shrinking, linking the trend to investors waiting on the sidelines for a spot Bitcoin ETF.<\/p>\n Data from Coinglass shows that open interest in Bitcoin futures contracts is at $30.5B<\/a>, its highest level in 12 months. The milestone also indicates an uptick in institutional activity.<\/p>\nBitcoin Bull Case<\/h2>\n
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