Bitcoin Bulls Bet On Rally To $140K, Traders Close Shorts

Benzinga

Bitcoin hit a record above $126,000 as traders bet on a year-end rally to $140,000 amid surging futures and ETF inflows. The shutdown-driven flight to safe havens also lifted gold past $3,900. Analysts say strong spot demand and seasonal trends could sustain crypto momentum through year-end.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Bitcoin surged to a new all-time high of $126,000

00:06as options traders increased bullish bets on a year-end rally

00:09to $140,000, according to Bloomberg.

00:12Bitcoin futures and perpetual contracts surged during the latest rally

00:15as traders closed short positions.

00:18Open interest reached $75 billion across exchanges,

00:21with Binance and CME seeing the highest volumes.

00:23The average data reported Bitcoin's rise coincided with the U.S. government shutdown,

00:27which fueled demand for safe haven assets.

00:30Pushing gold above $3,900 per ounce.

00:32Spot demand surges of esters poured $3.2 billion

00:35into U.S. Bitcoin ETFs last week,

00:38the second largest inflow since their 2024 debut.

00:41While BlackRock's iShares Bitcoin trust

00:43hit $49.8 billion in open interest.

00:46Analysts say October's historical gains and macro conditions

00:49could sustain momentum at the year end.

00:52Ether rose 5% to $4,700,

00:54while XRP traded just above $3.

00:55For all things money, visit Benzinga.com.

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