holders and market observers experienced a decline in the asset’s price. However, a positive trend has emerged, allowing the price to regain the level it previously reached earlier this year., this upward movement was driven by a surge of optimism. This led to what could be described as an optimism-fueled pump.
Furthermore, Santiment pointed out that this optimism could be attributed to the introduction of new Exchange-Traded Funds focused on cryptocurrencies. ETFs are investment funds that typically track an index or a collection of assets. In the case of cryptocurrency ETFs, they mirror the price movements of one or more digital tokens.
Additionally, introducing these new ETFs sparked a notable increase in social discussions and conversations surrounding them. This surge in social volume coincided with the rise in the value of BTC, further contributing to the overall optimism observed in the market.Analyzing Bitcoin’s daily timeframe chart revealed a remarkable surge in value, with a gain of over 13% in the past four days.
Furthermore, approximately 259 transactions, each surpassing $1 million in value, took place just two hours after the price surpassed $30,000. As of this writing, the total number of whale transactions amounted to around 138.indicated that the percentage of Bitcoin Futures Open Interest backed by Crypto-margined collateral reached an all-time low of 23.3%. This development has contributed to a reduction in the volatility of the underlying collateral.
futures. Additionally, it implies a higher degree of leverage and the potential for market volatility.