Bitcoin Surpasses 90 Million Won in Futures Market Heat

BTC futures market open interest records around 52 trillion won
The US presidential election 3 weeks away also drives BTC's rise
The 'reverse kimchi premium' occurred on the 15th and 16th
Experts predict that BTC will exceed 100 million won again

BTC surpassed 90 million won on the 16th based on the heated atmosphere in the futures market.

The BTC futures market is heating up. On the 16th, the amount of funds flowing into the BTC futures market approached the highest level ever. On-chain analysis platform CoinGlass recorded 566,270 contract transactions in the BTC futures market on the 16th, with an open interest of about $380 billion (about 51.9118 trillion won).

It is analyzed that the large amount of funds traded in the futures market has led to an additional rise in BTC. According to GlassNode's data, about $2.5 billion (about 3.3905 trillion won) of open interest was liquidated during the day on the 14th, causing BTC to surge 2.5% intraday, and it further rose on the 15th to exceed $64,000. The heated atmosphere in the futures market is driving additional BTC price increases.

There is also an analysis that BTC is rising as the US presidential election approaches. Former President Trump, a 'pro-cryptocurrency candidate', recorded a 54.8% approval rating on the 15th, far exceeding Vice President Harris' 44.8% approval rating, and both candidates have expressed crypto-friendly policies.

Vice President Harris, who had not previously announced any cryptocurrency-related policies, posted a pro-cryptocurrency policy on her official campaign website on the 14th. This has created a market expectation that the likely next US president will support cryptocurrencies, and this has driven up cryptocurrency prices.

On the 16th, as on the 15th, domestic cryptocurrency prices remained lower than overseas prices, a 'reverse kimchi premium'. According to the global cryptocurrency market comparison platform CryptoCompare, the BTC kimchi premium was -1.08% as of 9 am on the 16th.

Along with the rise in BTC, most altcoins also rose by about 5%.

◇BTC = As of 4:30 pm on the 16th, the BTC price on Upbit was 90.6 million won. BTC dominance was 58.75%.

As BTC surpassed 90 million won, opinions predicting further BTC price increases have become dominant.

Standard Chartered (SC), a major British bank, predicted that BTC will exceed 100 million won again before the US presidential election in November. Jeffrey Kendrick, head of SC's cryptocurrency research, said "BTC is showing an upward momentum" and "BTC price can rise to $73,800 (100.8 million won) before the US presidential election".

He further analyzed that "the inflow of capital into BTC spot ETFs, the increased probability of former President Trump's party winning the US election, and other factors are expected to have a positive impact on BTC".

Arthur Hayes, the founder of BitMEX, predicted that the more the Middle East conflict escalates, the higher the BTC price will rise. He said "if Iran destroys major oil and natural gas production facilities, energy prices will soar, increasing the value of BTC", and "the possibility of the Fed's balance sheet expanding again due to US military support will also drive BTC's rise".

◇Rising Coins = At 4:30 pm on the 16th on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was Sentinel Protocol (UPP), rising about 8.23%.

Sentinel Protocol is a blockchain security platform that tracks stolen cryptocurrencies in real-time, shares all information with cryptocurrency exchanges, and prevents them from being used.

Sentinel Protocol aims to create a virtuous cycle ecosystem by providing a reward system that gives Sentinel Protocol tokens as incentives to companies, government organizations, and individual users who provide security threat information to the Threat Reputation Database (TRDB).

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 73 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.