Bitcoin Surges 14% to $70K as Institutions Drive Bull Run
Bitcoin has surged by 14% since the Federal Reserve's surprise rate cut last month, nearing $70K, driven by improved risk sentiment and strong ETF inflows. Meanwhile, Ethereum, despite benefiting from macroeconomic conditions, has seen its ETH/BTC ratio decline since the Merge.
Bitcoin's first-mover advantage and strong institutional backing have contributed to its recent outperformance. Robinhood's upcoming launch of BTC and ETH futures trading is expected to further boost both cryptocurrencies' accessibility. Bitcoin CME futures open interest has hit consecutive all-time highs, reflecting increased institutional involvement. However, Ether futures open interest on the CME remains relatively low, indicating less institutional interest in Ethereum compared to Bitcoin.
Institutions like JPMorgan, Deutsche Bank, FalconX, and Fireblocks have significant influence on Ether. The lack of ETH staking capabilities in ETFs has made recently launched ETH ETFs less attractive to traders. Despite this, Ethereum has benefited from positive macroeconomic conditions and may see further gains from reduced regulatory risks following the upcoming US elections. Singapore's largest bank introducing tokenized banking services and the halt of DeFi protocol Radiant Capital after a $50mn exploit highlight the evolving landscape of cryptocurrencies and decentralized finance.
Bitcoin's recent rise, driven by institutional interest and improved risk sentiment, has brought it close to $70K. While Ethereum has also benefited from macroeconomic conditions, its ETH/BTC ratio has declined since the Merge. The upcoming US elections and institutional developments may shape the future of both cryptocurrencies.
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