Bitcoin Surges 23% Amid Spot ETF Demand, But Futures Market Shows Overheating Signs

COINOTAG reports that CryptoQuant’s September 30 analysis indicates a significant surge in Bitcoin’s value, exceeding 23% within three weeks, rising from $52,500 to over $65,000. This notable price ascent is largely driven by heightened demand for Bitcoin spot ETFs, pushing short-term holders back into profitability. These investors, having moved Bitcoin within the last 155 days at an average acquisition cost of $63,000, are now in a better position. Moreover, the futures market is displaying signs of overheating, with open interest contracts reaching approximately $19.1 billion. Since March 2024, this metric has surpassed the $18 billion mark six times, each preceding a price correction; this instance marks the seventh. Concurrently, spot Bitcoin ETF holdings are transitioning into the long-term holder supply. Although this trend appears bullish, it typically manifests towards the late stages of a bull market.

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