Market Wrap: Bitcoin Outperforms as Traders Prepare for Next Leg Higher – CoinDesk

“There is a positive sentiment that often engulfs the crypto markets toward year’s end,” Galina Likhitskaya, vice president at smart contract audit company HashEx, wrote in an email to CoinDesk.

Overall, analysts agree that BTC’s breakout to an all-time high could signal the start of a final leg higher this quarter.

The number of open contracts on the Chicago Mercantile Exchange is down 32% from its Oct.

The surge in bitcoin futures open interest, or total number of outstanding derivative contracts, over the past month coincided with the launch of the first bitcoin futures-based exchange-traded fund introduced by ProShares, trading under the ticker BITO.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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