Summary
Bitcoin hit $56,000 and is still rising. $278 million in short Bitcoin positions were liquidated in the past day. Open interest in Bitcoin contracts is at $25 billion. Despite this, it may not necessarily indicate a bull market. BlackRock’s iShares Bitcoin Trust ETF saw a record-high $1.3 billion in funds flow in. Newly-approved U.S. Bitcoin ETFs now hold almost $40 billion in Bitcoin.
Key Points
1. Bitcoin’s price surged past $56,000 and remained strong on Tuesday morning, trading at $56,607.57.
2. $278 million worth of short Bitcoin positions were liquidated in the past day, indicating a significant increase in the value of the asset being shorted.
3. Bitcoin open interest has reached $25 billion, with high open interest suggesting increased activity and liquidity in the market.