[TheDefiant]
BTC's market dominance is at a 30-month high, coinciding with the fifteenth anniversary of the publication of the Bitcoin whitepaper.
The milestone comes after the price of BTC tagged year-to-date highs of $34,500 on Oct. 30, its highest level since May 30. Bitcoin is up 106% in 18 months, with BTC last changing hands for $34,200. The rally also came amid a muted performance from other digital assets.
BTC now represents 51% of the combined cryptocurrency capitalization, its highest level since April 17, 2021, according to CoinGecko.
Bitcoin Bull Case
Many researchers attributed the bullish momentum to expectations that the proposed spot Bitcoin ETF from BlackRock, the world’s largest asset manager, will soon receive regulatory approval in the United States. This appeared to be evidenced when BTC rallying 10% in one hour when the ETF’s approval was falsely reported on Twitter two weeks ago.
Arthur Hayes, the former CEO of BitMEX, also argued that investors are again turning their attention to historically non-correlated assets like Bitcoin and gold while dumping U.S treasuries and bonds. Hayes said the move was triggered by concerns the U.S. government may commit financial aid to the ongoing Ukrainian and Israeli military campaigns.
On Oct. 30, CoinShares reported an 18-month high for weekly capital inflow to institutional crypto at $326M, with BTC accounting for 90% of the total. However, $15M was also injected into products betting against the price of Bitcoin.
CoinShares noted that U.S. flows to institutional crypto products are shrinking, linking the trend to investors waiting on the sidelines for a spot Bitcoin ETF.
Data from Coinglass shows that open interest in Bitcoin futures contracts is at $30.5B, its highest level in 12 months. The milestone also indicates an uptick in institutional activity.
Bitcoiners also have the network's upcoming halving to look forward to, with BTC emissions set to drop by half sometime around April next year. Analysts have attributed Bitcoin’s recent all-time high hashrate to miners stockpiling BTC ahead of the event.
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