Institutional investors are flooding the Bitcoin markets as the open interest on the CME hits fresh all-time highs.
With the big boys rushing to get positioned in Bitcoin ahead of the BTC ETF approval, traders are starting to wonder if Bitcoin can reach $40,000 before the end of the month.
Meanwhile, traders are backing a newly emerging stake-to-mine ecosystem ahead of the next block halving.
Bitcoin Minetrix ($BTCMTX) crossed the $4.5 million milestone this week as traders back it as a disruptive force in the cloud mining industry.
Can Bitcoin Reach $40K This Week?
Bitcoin surged another 2.5% today, allowing the cryptocurrency to breach $38,000 again.
The sudden price hike coincided with the open interest on the CME reaching fresh all-time highs as institutional investors flooded the market.
Bitcoin is now up by a staggering 50% from the September lows, and traders believe it’s only a matter of time before it crosses $40,000 again.
The cryptocurrency is now re-testing the 2023 highs, and a break higher should open the doors to cross the $40,000 threshold;
Looking ahead, the first resistance lies at $38,000. This is followed by resistance at $39,000 and $39,490 (early June 22’ highs).
If the buyers continue beyond $40,000, added resistance lies at $40,620 (1.414 Fib Extension), $42,000 (Jan 2021 highs), and $42,885 (1.618 Fib Extension).
On the other side, the first support lies at $37,700. This is followed by $37,200 (March 22’ lows), $37,000, and the rising trend line.
Big Boys Coming: CME Open Interest Reaches All-Time Highs
The driving force behind the recent price surge is primarily attributed to the highly anticipated Bitcoin spot ETF approval, which Bloomberg analysts believe will be approved by January 10th.
As a result, it seems that the big boys are starting to rush to get exposure to Bitcoin ahead of the event through the futures market.
Bitcoin futures open interest on CME, the derivatives market approved by the CFTC, hit an all-time high of 118,540 BTC today – worth over $4.42 billion.
The all-time high suggests that big players are now looking to gain exposure to Bitcoin before the SEC approval at the start of next year, hoping to capitalize on the first Bitcoin spot ETF.
What Tokens Are Set to Surge Next?
With Bitcoin rising, traders are looking at Bitcoin derivatives as alternative trading vehicles to capitalize on the sudden bullish pressure.
Bitcoin Minetrix ($BTCMTX) is emerging as a strong contender for exposure ahead of the next Bitcoin block halving as it seeks to decentralize the cloud mining sector.
The project has raised a staggering $4.5 million, demonstrating investors’ confidence.
Bitcoin Minetrix Crosses $4.5 Million Milestone as Investors Back Stake-to-Mine Ecosystem.
Bitcoin Minetrix ($BTCMTX) introduces a novel stake-to-mine concept into a decentralized project that provides access to a cloud mining solution.
The project seeks to decentralize the convoluted cloud mining sector to democratize the industry and let everyday users mine Bitcoin efficiently.
By decentralizing the sector, investors can mine Bitcoin without entering long-term contracts or worrying about being short-changed on their expected earnings.
To start mining, users simply have to buy and stake $BTCMTX tokens to earn Mining Credits.
The Mining Credits can be burnt for time on the Bitcoin Minetrix mining solution.
Tokenizing the entire process ensures that users have complete control of their funds as they can unstake and sell their $BTCMTX anytime.
Furthermore, as smart contracts automatically manage all user allocations, miners will never be short-changed on their expected earnings.
For added security, the smart contracts have been audited by a third-party security firm – providing peace of mind for investors.
Furthermore, those currently staking their $BTCMTX tokens are earning an impressive 132% APY on their holding – doubling their passive income sources;
The presale has already raised a staggering $4.5 million, demonstrating the building momentum behind this project.
Notable influencers are also paying attention to its rapid growth, with Michael Wrubel stating that Bitcoin Minetrix will be the mining industry’s future.
The presale is selling the $BTCMTX token for $0.0119. However, there is a rising pricing strategy in place, meaning the cost of the token will increase in three days.
Therefore, those investing earlier benefit the most from the lower entry price.
Overall, with its innovative stake-to-mine ecosystem set to democratize cloud mining, $BTCMTX is setting itself up for explosive growth following its presale.