Bitcoin hits new record high on institutional buying

BTC, on the morning of the 23rd at 3 AM, reached $119,444... setting a new high record
US BTC Spot ETF recorded net inflows of 1.2823 trillion won on the 22nd
Expert: "BTC could reach $120,000 following futures market betting"

Bitcoin (BTC) set a new high record again due to institutional buying on the 23rd. Bitcoin reached $119,444 around 3 AM, surpassing the previous day's high of $110,872 at 11:30 AM.

The cause of Bitcoin's high-altitude march is attributed to US institutional capital inflows. On the 22nd, the total net inflow of 11 Bitcoin spot ETFs in the US was $934 million (approximately 1.2823 trillion won).

BlackRock led the success of Bitcoin spot ETFs in the US. BlackRock's 'IBIT' recorded a net inflow of $877 million (approximately 1.2037 trillion won) on the 22nd, accounting for about 94% of the total net inflow.

Not only institutions but individual investors through exchanges were also actively buying. According to data from cryptocurrency market data provider CoinMarketCap, the daily spot trading volume of the world's largest cryptocurrency exchange Binance reached $15 billion (approximately 207.2250 trillion won) on the 23rd.

Altcoins also continued to rise with Bitcoin's ascent.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 23rd is 153,630,000 won. Bitcoin's dominance is 63.75%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 33.85% and 66.15%, respectively.

With the Bitcoin futures market's open interest reaching an all-time high, Bitcoin could record between $116,000 and $120,000.

On the 23rd, Greg Magadini, head of derivatives at on-chain data platform Amberdata, stated that the open interest in the Bitcoin futures market reached approximately $81 billion (approximately 111.3912 trillion won), hitting an all-time high.

Magadini projected that Bitcoin could further rise based on the betting situation of futures market traders. He said, "Currently, there is widespread betting in the futures market, and when analyzing the positions in the futures market, Bitcoin has a high possibility of rising to between $116,000 and $120,000."

◇Rising Coins = At 4 PM on Upbit, the cryptocurrency with the largest increase compared to the previous trading day was Solayer (LAYER), rising about 11% in the past 24 hours.

Solayer is a restaking network based on the Solana network that improves network bandwidth for on-chain dApps by staking SOL.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is 78 points, entering the 'Greed' stage. The greed stage is a period of increased price volatility and trading volume, indicating a price rise. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The Relative Strength Index (RSI) for cryptocurrencies provided by Sigbit is 69.1, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures of a specific asset and indicates the overbought and oversold scales of an asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr