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Bitcoin jumps past $30k on optimism fueled by ETFs

3min Read

Bitcoin defies expectations with an exuberant surge fueled by optimism as whales make a splash and volatility subsides, reflecting a maturing market. 

Bitcoin jumps past $30k on optimism fueled by ETFs

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  • Bitcoin crosses $30,000 as the social volume of ETFs spikes.
  • BTC collateral falls to ATL in the futures market.

The remarkable journey of Bitcoin[BTC] toward the $30,000 price range has been hailed as an exuberant surge driven by optimism. But what exactly has sparked this optimism, and how have other important indicators responded to this recent upward trend in price?

Read Bitcoin (BTC) Price Prediction 2023-24

Bitcoin rise fueled by optimism

Over the past couple of months, both Bitcoin holders and market observers experienced a decline in the asset’s price. However, a positive trend has emerged, allowing the price to regain the level it previously reached earlier this year.

According to a recent post by Santiment, this upward movement was driven by a surge of optimism. This led to what could be described as an optimism-fueled pump.

Furthermore, Santiment pointed out that this optimism could be attributed to the introduction of new Exchange-Traded Funds (ETFs) focused on cryptocurrencies. ETFs are investment funds that typically track an index or a collection of assets. In the case of cryptocurrency ETFs, they mirror the price movements of one or more digital tokens.

Additionally, introducing these new ETFs sparked a notable increase in social discussions and conversations surrounding them. This surge in social volume coincided with the rise in the value of BTC, further contributing to the overall optimism observed in the market.

Bitcoin price turns bullish

Analyzing Bitcoin’s daily timeframe chart revealed a remarkable surge in value, with a gain of over 13% in the past four days. Notably, the peak price of BTC coincided with a significant spike in the social volume of the ETFs mentioned above.

As of this writing, Bitcoin was trading at approximately $30,150, showing a relatively modest increase in value of less than 1%.

Bitcoin daily price move

Source: TradingView

Furthermore, examining the Relative Strength Index (RSI) line showed that Bitcoin was experiencing a strong bullish trend. The RSI exceeded 70 as of this writing, which indicated a strong bull trend and that the asset was overbought.

Whales stir with BTC price increase

Coinciding with the price surge on 21 June, there was a notable escalation in Bitcoin whale transactions, reaching their highest level in months. Santiment reported that whale transactions peaked during a specific hour, marking the highest volume in over three months.

Furthermore, approximately 259 transactions, each surpassing $1 million in value, took place just two hours after the price surpassed $30,000. As of this writing, the total number of whale transactions amounted to around 138.

BTC whale transaction volume

Source: Santiment

Less volatility expected as Bitcoin collateral drops

Recent data from Glassnode indicated that the percentage of Bitcoin Futures Open Interest backed by Crypto-margined collateral reached an all-time low (ATL) of 23.3%. This development has contributed to a reduction in the volatility of the underlying collateral. Furthermore, it suggested that the derivative structure improved as derivative markets matured.

Is your portfolio green? Check out the Bitcoin Profit Calculator

The metric of Bitcoin Futures Open Interest with Crypto-Margined Collateral represents the total value of outstanding Bitcoin futures contracts secured using cryptocurrencies as collateral.

A higher open interest level indicates increased trading activity. It also indicated greater participation in the market and heightened investor interest in Bitcoin futures. Additionally, it implies a higher degree of leverage and the potential for market volatility.


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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