BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

Bitcoin trends to the upside in the daily chart after experiencing some downside action during the weekend. As of press time, the benchmark crypto trades at $63,136 with a 3.8% profit in the 24-hour chart. The rally has been driven by an increase in institutional demand as the first Bitcoin-linked Exchange Traded Funds (ETFs) in the U.S. have been rollout. Both products experienced a record in trading volume with ProShares’ product surpassing the launch of the Gold ETF by reaching $1 billion in less than 3 days. $BITO just about at $1b in total volume today (curr $993m but trades still trickling in). Easily the biggest Day One of any ETF in terms of 'natural' volume. It also traded more than 99.5% of all ETFs (incl some bigs like $DIA, $ARKK, $SLV). It def defied our expectations.. pic.twitter.com/rWIPSAJboT — Eric Balchunas (@EricBalchunas) October 19, 2021 This propelled the Chicago Mercantile Exchange (CME) Open Interest to the stratosphere setting a new all-time high of $5.44 billion for futures contracts, a report by Glassnode indicated. The CME OI has risen by over 265% in October 2021 alone, as seen in the chart below. Related Reading | TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key The derivates market has been heating up across the board with the funding rates going positive as Bitcoin moves higher. This has triggered a FOMO effect which led to a correction as over-leverage traders were shak...