Bitcoin has surpassed $41,000 for the first time since April 2022, with a nearly 12% rally since November 27, impacting the broader cryptocurrency market, which saw a 1% increase in total market cap.
Coinglass data reveals $190 million in liquidated derivatives positions, with $150 million from short positions. Bitcoin’s dominance, indicating its market share relative to other cryptocurrencies, rose to 50.5%, signaling its outperformance compared to altcoins.
The surge is attributed to anticipation of spot Bitcoin exchange-traded fund (ETF) approval, with analysts suggesting the SEC’s recent call for public comments may indicate an accelerated approval timeline.
Despite filings from major asset managers, the SEC has yet to approve a Bitcoin ETF.
Swiss asset manager Pando Asset recently filed an S-1 form seeking approval for a spot Bitcoin ETF.
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