Crypto Roundup: Memecoin Mania, Ethereum Accumulation, Bitcoin’s Surge

Bitcoin (BTC), the largest digital asset by market cap, is approaching the $70,000 price level, trading at $68,895.95 at the time of writing, up 1% in the past 24 hours. The market leader is only 6.63% away from its all-time high of $73,750 and looks set to break through the resistance zone ahead. Meanwhile, the open interest (OI) for Bitcoin futures has also reached a record high of $40 billion.

According to the data from Coinglass, the record high OI for BTC futures is 586,260 BTC ($40.67 billion), a 2.88% increase over the past 24 hours. The Chicago Mercantile Exchange (CME) holds the largest share of this OI with 180,750 BTC, followed by Binance, the leading digital asset trading platform by volume, with 120,500 BTC.

Rising OI levels suggest strong sentiment surrounding the current market trend, indicating a potential continuation in the short term. The increase in OI shows that money is flowing into the market, raising the possibility of further price surges.

Ethereum Accumulation Addresses Reach New Highs

Analyst Burak Kesmeci noted that as of October 18th, the total amount of ETH held in accumulation addresses had surpassed 19 million, almost doubling from 11.5 million ETH in January. He predicts this number will exceed 20 million by year-end.

Read also : Altcoin Season: 3 Reasons a Rally May Be Closer Than Expected

Kesmeci attributes the surge in accumulation addresses to the SEC’s approval of spot Ethereum exchange-traded funds (ETFs) in the United States in May. He believes the total value in these addresses could exceed $80 billion if ETH reaches the $4,000 price level.

In a post on X (formerly Twitter), meme coin enthusiast Murad Mahmudov said the “key” to making money in the crypto market is buying top meme coins and holding them long-term. This can be challenging, as investors often react to market movements and FOMO, leading to impulsive buying and selling.