What You Need to Know
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Bitcoin has soared past the Wednesday record, reaching a remarkable $111,875 early Thursday, as noted by the CoinDesk Bitcoin Price Index. This surge occurs while traditional financial markets face increasing bond yields and rising worries about the mounting U.S. debt.
Over the last 24 hours, Bitcoin increased approximately 3.8%, while the broader CoinDesk 20 index saw a rise of 4.74%, highlighting ongoing institutional interests in cryptocurrency investments.
Amid concerns regarding President Donald Trump’s tax proposal, which could potentially increase national debt by an estimated $5 trillion according to Reuters, both U.S. and Japanese government bonds are witnessing rising yields. Additionally, the debt-to-GDP ratio in Japan is reported to be 234%, prompting closer scrutiny over its financial situation.
Despite the traditional market’s jitteriness, bullish sentiment remains robust among Bitcoin traders who’s confidence is bolstered by the recent price peaks. Notably, significant long positions in BTC options are currently concentrated around the $110,000, $120,000, and even $300,000 strike prices for contracts set to expire in late June.
Furthermore, U.S.-traded spot Bitcoin exchange-traded funds (ETFs) have demonstrated substantial demand, accumulating $1.6 billion in total inflows over the past week, with cumulative inflows in May reaching $4.24 billion, pushing overall ETF assets to a high of $129 billion.
While there are suggestions of bearish activity surfacing, the overwhelming stance remains optimistic, prompting market participants to consider future long positions.
