Bitcoin Surges Above $35,000 in Wild Minutes, ETF Hype Melts Crypto Winter

Bitcoin experienced a rapid surge, surpassing $35,000 in just a few minutes, reaching levels last seen in May 2022. The improved mood in the crypto market is largely driven by the anticipation of Bitcoin ETFs, which could make it easier for investors to buy BTC. Grayscale, the largest exchange-traded bitcoin product, is expected to obtain an ETF after a court criticized the U.S. SEC's rejection of its application. BlackRock, the world's largest asset manager, also has a bitcoin ETF application at the SEC. The appearance of BlackRock's ETF on a market utility's website indicates progress in the preparation process. The surge in BTC resulted in over $167 million in derivative positions being liquidated, while open interest dropped from $10.5 billion to $9.4 billion. Additionally, the options market is showing signs of increased activity.