Bitcoin Renews High on Successful Spot ETF Options Listing

BTC reached an all-time high of $93,000 at 4:15 am on the 20th
IBIT options recorded a trading volume of $1.9 billion on the first day of Nasdaq trading
Experts continue to maintain an optimistic outlook despite BTC's continuous rally

BTC (Bitcoin) set a new all-time high, driven by the successful Nasdaq listing and popularity of the BTC physical exchange-traded fund (ETF).

BTC reached an all-time high of $93,970 around 4:15 am on the 20th. In Korean won, it reached 131.03 million won based on the Upbit exchange.

The main reason for BTC's new high is the explosive trading volume of the 'IBIT' BTC physical ETF option on its Nasdaq debut. The trading volume of the IBIT option on the first day of Nasdaq trading was about $1.9 billion (approximately 26.419 trillion won).

The explosive trading volume of the IBIT option on Nasdaq increased the liquidity of BTC itself, allowing BTC to regain its momentum after a brief pause following a series of new highs. BTC set a new record high in 6 days.

Along with BTC's new high, BTC dominance has increased, causing funds to flow into BTC and leading to a slight decline in recently surging altcoins.

◇BTC = As of 4 pm on the 20th, the BTC price on Upbit was 129.88 million won. BTC dominance was 60.51%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the BTC futures market was 44.42% and 55.58%, respectively.

Experts believe that BTC's new high is just the beginning, not the end.

Joe Consorte, a researcher at BTC custodian Teya, said in his X account on the 20th that "the floodgates for BTC's growth in the financial market have opened" and that "the launch of the IBIT option signifies a new era for BTC in terms of price dynamics, volatility, and institutional adoption".

Burakkesmeci, a researcher at on-chain analysis platform Cryptoquant, cited a 90% probability of a BTC rally in his report, referencing the 'BTC Fuel Multiple' - the relationship between BTC mining profitability and market movements - to emphasize that BTC's price will soon see a significant increase.

◇Rising Coins = As of 4 pm on the 20th, the cryptocurrency that recorded the largest increase from the previous trading day on Upbit was BONK, rising about 16%.

BONK is a 'meme coin' based on Solana, a key player in the animal meme coin surge that began last year.

BONK has skyrocketed along with the price increase of Solana (SOL) since November last year, recording around 410% growth over about two months last winter. It currently boasts high recognition and trading volume among meme coins.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 83 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of strong upward momentum accompanied by high trading volume and volatility. The market is at high risk of exit, making it a sell zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is at 59.0, indicating a 'neutral' state. RSI measures the relative strength between the upward and downward pressures of a specific asset price, serving as an indicator of overbought and oversold conditions.