Bitcoin reaches $50.000, open interest hits 26-months high and Kraken reportedly to be custodial for ETF

Crypto2Cash
3 min readFeb 14, 2024
Photo by Vasilis Chatzopoulos on Unsplash

Bitcoin price reaches $50.000, first time since 2021

The bitcoin price hit $50,000 on Monday, a level last seen on December 28 2021, more than two years ago.

The new retest comes despite the Super Bowl disappointing the BTC community on Sunday night as a related commercial was not displayed. Nevertheless, Twitter founder and former chief executive Jack Dorsey did not disappoint. The Bitcoin maximalist showed up with a “Satoshi” T-shirt.

The $50,000 milestone also comes amid growing optimism for the BTC halving, expected around April 24, with approximately 10,000 blocks remaining until the event.

Bitcoin futures Open Interest in hits 26-month high

According to CoinGlass, the open interest represented in US dollars for active bitcoin futures contracts has climbed to $21.3 billion. This is the highest level in the past 26 months.

As per the latest data, open interest in both perpetual and standard futures contracts has exceeded $21 billion. This increase in open interest reflects a 22% rise since the beginning of the year, approaching the record level of $24 billion observed in mid-November 2021 when bitcoin was trading above $65,000.

The increased interest in leveraged products like futures, combined with the recent price surge, indicates an influx of new capital on the bullish side, confirming the ongoing upward trend. Bitcoin has experienced a 28% increase in just over three weeks, particularly influenced by strong inflows into newly launched spot ETFs in the US.

Source: Coin-Turk

Kraken reportedly enters custodianship race for spot ethereum ETFs

The spot Ethereum ETF frenzy has begun, after the spot Bitcoin ETF mania. Amidst the excitement around the Ether ETF, it has come to light that Kraken, the second-largest cryptocurrency exchange in the US, is considering joining the crypto ETF custodian race.

Of the eleven Spot Bitcoin ETFs authorized on January 10th, Coinbase is the custodian for eight of them. According to a revelation by Fox Journalist Eleanor Terrett, Kraken is aiming to replicate this strategy and secure a substantial portion of the crypto ETF market.

Additionally, Kraken’s official twitter account replied to her post with a purple heart, suggesting that they backed up her claims. After the much-anticipated potential May approval, Kraken may attempt to assume the custodian position for Spot Ethereum ETFs, now that the Bitcoin ETF period has over.

Source: TheNewsCrypto

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