Bitcoin is changing hands around $92,000, just 2% below record prices ahead of Tuesday's U.S. session. The largest crypto has advanced 2% over the past 24 hours, outperforming the 1.1% gain in the broad-market benchmark, the CoinDesk 20 Index. Native tokens of Chainlink, Hedera and Uniswap led gains among the biggest altcoins as traders expect broader institutional adoption and less regulatory headwinds for crypto from a Trump administration.
Crypto hedge fund QCP anticipates BTC attempting a run to $100,000 in the coming months, with traders rotating those gains into altcoins. ‘We won't be surprised to see altcoin season in full swing in the coming months,’ QCP said. Still, there's a chance of a near-term blow-off top – a rapid drop following a rapid gain – as markets remain frothy, Augustine Fan, head of insights at SOFA, warned.
Bitcoin ETF options trading in the U.S. is expected to start today. Options on BlackRock's iShares Bitcoin Trust ETF cleared the last regulatory hurdle on Monday, and they could bring more institutional appetite for the largest cryptocurrency. ‘This marks a monumental shift,’ 10x Research said in a Tuesday newsletter. The products ‘could attract significant trading volumes, potentially driving sharp price rallies in bitcoin,’ it said.
For example, MicroStrategy, the Nasdaq-listed company that owns the largest corporate BTC treasury in the world, is punching above its weight due to the booming market in its share options. MSTR options open interest surpasses the firm's market capitalization, while the stock's trading is reflecting the enthusiastic market perception.
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