Bitcoin (BTC) has started the week in the same buoyant mood that saw it gain around 15% last week. The world’s largest cryptocurrency has held steady above $34,000 in Asian and European trading hours, sitting at just over $34,500, up about 1% in the last 24 hours. The CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, is up around 1.4% on the day and over 11% in the past week. The crypto market’s upward trajectory has been carried by enthusiasm at the prospect of a BTC spot ETF finally being approved in the U.S., though this week eyes may turn to the Fed’s interest-rate decision. "While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw," Simon Peters, a markets analyst at eToro wrote in an emailed bulletin. Should crypto’s rally hold firm against a neutral Fed announcement, it could be a sign of further thawing and of increased resilience in digital assets.

(CoinDesk)

The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. Notional open interest (OI) – the value locked in the number of active or open contracts – on CME reached $3.54 billion compared with Binance’s $3.83 billion. Open interest in CME’s cash-settled futures contracts surpassed 100,000 BTC for the first time and the exchange’s share in the BTC futures market rose to a lifetime high of 25%. The ascent of a regulated, mainstream financial exchange is a sign for some observers that the recent rally in the crypto market is institutionally led.

Thai bank Kasikorn, also known as K-Bank, said it has acquired a 97% stake in crypto exchange Satang at a valuation of 3.705 billion Thai baht ($102.8 million), a month after the creation of its $100 million fund targeting Web3 and fintech investments. Following the closure of the deal, Satang will be rebranded to Orbix, along with three new subsidiaries: Orbix Custodian, fund manager Orbix Invest and blockchain tech developer Orbix Technology. K-Bank rival Siam Commercial Bank has also been targeting inroads into the digital asset industry, last month inking a partnership with Hashed, one of Thailand’s biggest Web3 investors.

A message from Bitget

Bitcoin whales were active in the recent rally that saw BTC rise above $35,000 for the first time in 18 months, according to data from blockchain analytics firm IntoTheBlock. The number of transactions on the Bitcoin network of at least $100,000 rose to 23,400 last week, the highest level this year.

The volume of large transactions may be seen as a proxy for bitcoin appetite among those individuals and institutions with the capital supply required to influence market trends.

"Transactions of over $100k had previously spiked in late June after Blackrock's ETF filing and have now surpassed that level as Bitcoin sets new yearly highs," IntoTheBlock said in a newsletter on Friday. "The recent rise in institutional activity might be a harbinger for what comes in 2024,"

Retail investors have also become more active in recent weeks, with Deutsche Digital Assets’ data showing small entities’ on-chain activity also reaching a year-to-date high last week.

- Omkar Godbole