Bitcoin, two new highs in one day... $110,000 era

BTC, New High Recorded at 1:50 AM and 11:40 AM
Reached $111,872... Market Capitalization Surpasses Amazon and Google
US BTC Spot ETF Records $838.2 Million Net Inflow... IBIT Leads
Experts Point to Futures Open Interest... "Caution on Volatility"

Bitcoin (BTC) set two new all-time highs on the 22nd, based on net inflows of Bitcoin spot ETFs in the United States.

Bitcoin recorded $109,767 at 1:50 AM on the 22nd, breaking the previous high set on January 20th. Ten hours later, at 11:40 AM, it reached a new high of $111,872.

With this new high, Bitcoin's market capitalization exceeded $2 trillion, ranking 5th globally, surpassing Amazon and Google.

The cause of Bitcoin's new high is attributed to institutional fund inflows through ETFs.

According to financial data platform Parsyside Investor, US Bitcoin spot ETFs recorded approximately $607.1 million (about 838.2 billion won) in net inflows on the 21st. BlackRock's 'IBIT' led the net inflows.

BlackRock's Bitcoin spot ETF IBIT recorded net inflows of about $530.6 million (about 732.3 billion won) on the 21st, accounting for the majority of US Bitcoin spot ETF net inflows.

According to Parsyside Investor, IBIT accumulated 4,931 Bitcoins. This is over 10 times the recent average daily Bitcoin production of 450 coins.

The market interpreted this institutional fund inflow through ETFs as Bitcoin beginning to be recognized as a safe asset by investors.

Caroline Voller, CEO of Australian cryptocurrency exchange BTC Market, said, "The current Bitcoin rise should be interpreted as asset maturity, not speculative fever seen in past bull markets" and "The current rise is driven by institutional demand".

◇Bitcoin = Bitcoin price on Upbit at 4 PM on the 22nd was 154.03 million won. Bitcoin dominance was 64.14%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 29.40% and 70.60% respectively.

Experts warned that Bitcoin could experience significant price volatility, pointing to open interest in the futures market. Open interest on the world's largest cryptocurrency exchange Binance increased by about $13 billion (about 17.89 trillion won), again setting a new record.

Open interest refers to the amount that can be used for transaction settlement in derivatives markets such as futures or options contracts. An increase in open interest can indicate a large-scale liquidation of specific positions in the futures market.

◇Rising Coins = On Upbit at 4 PM on the 22nd, Animecoin (ANIME) recorded the largest increase, rising about 17%.

Animecoin is a project that aims to transform the global animation industry into a community-owned creative network. It was designed to solve problems in the animation industry such as consumer experiences stuck in the past, limited fan participation, and restrictive monetization models.

It provides infrastructure for various animations, supports original IP creation and distribution to mainstream markets, while allowing animation fans and creators to actively participate and receive rewards for their activities.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 72 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a potential price rise. Caution is advised for selling due to the high possibility of short-term peak formation.

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

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