Market Review: New Records in Bitcoin and Ethereum

Bitcoin surpassed the $100,000 level for the first time this week and set a new record. Ethereum spot ETFs have been receiving investments for two weeks. While Bitcoin market dominance is declining, altcoin investors are happy.

Fed Chairman Jerome Powell’s statement, in which he described Bitcoin as “digital gold” and that it would “rival gold, not the dollar,” supported the BTC price. Bitcoin exceeded 100 thousand dollars from 99 thousand dollars in a short time and broke a new record with 104 thousand dollars.

During this rise; The open interest (OI) value on the central exchanges (CEX) also broke a record, reaching 65 billion dollars. This figure; It is almost twice the open position value in March this year (when there was a spring weather in the markets).

As such, these open positions were forced to be closed, which resulted in liquidation and volatility. Bitcoin shot up to 90 thousand dollars in a few hours and stabilized at 99 thousand dollars.

On the day when this movement took place, which aimed at leveraged users closing their positions; Cryptocurrency markets experienced liquidation of over $1 billion. We last saw levels close to this in December 2021. (Source: Coinglass)

In Bitcoin Spot ETFs, positive inflows throughout the week and a total of over 2.5 billion dollars were one of the important supports in the increase in value. Positive signals continue on the Ethereum side.

Spot Ethereum ETFs; It broke the series record by seeing a 10-day net positive inflow for the first time since July, when it started trading. This mobility in Ethereum pleases investors as it positively revitalizes both altcoins and NFT markets. We should point out that Ethereum has still not reached its peak levels and remains behind the levels of March-May this year.

On the day when this movement took place, which aimed at leveraged users closing their positions; Cryptocurrency markets experienced liquidation of over $1 billion. We last saw levels close to this in December 2021. (Source: Coinglass)

In Bitcoin Spot ETFs, positive inflows throughout the week and a total of over 2.5 billion dollars were one of the important supports in the increase in value. Positive signals continue on the Ethereum side.

Spot Ethereum ETFs; It broke the series record by seeing a 10-day net positive inflow for the first time since July, when it started trading. This mobility in Ethereum pleases investors as it positively revitalizes both altcoins and NFT markets. We should point out that Ethereum has still not reached its peak levels and remains behind the levels of March-May this year.

Judging by the general appearance; The rise of cryptocurrency markets continues after Trump. SEC Chairman Gary Gensler announced that he would resign on January 20, 2025. He was replaced by crypto supporter Paul Atkins. On the other hand, discussions on creating strategic reserves with Bitcoin continue. Considering Powell’s statements at the beginning of the article, the general news flow in the markets is positive.

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