Bitcoin ($BTC ) has finally broken through the $68,000 mark after a period of rise. As the price of BTC approaches $70,000, a large number of whale wallets holding large amounts of BTC are increasing their holdings of BTC, a situation very similar to the performance of BTC before it began to rise sharply in October 2020. Online monitoring data shows that as many as 56,700 BTC have recently been transferred to hoarding wallets, which usually only have inflows and no outflows. At the same time, the number of new wallets holding more than 1,000 BTC is also increasing rapidly. The increase in these whale wallets shows that they will not cash out in a short time because the current profit ratio is too low. In other words, these large holders are generally optimistic that BTC still has a lot of room for growth in the future.

The latest news shows that the U.S. Securities and Exchange Commission (SEC) has approved the BTC ETF options applications of the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) on Wall Street. The introduction of ETF options will bring more liquidity to the BTC market. Since the price of $BTC briefly fell below $59,000 last week, spot ETFs have maintained a net inflow of funds.

Currently, $BTC is only 7% away from its all-time high (ATH). Recently, the open interest of BTC by institutional investors has surged, constantly setting new historical highs. With the increase in leveraged trading, BTC's short-term volatility has increased, and the probability of clearing long and short positions has also increased, and a situation of long and short explosions may occur. But as long as we do not use leverage and hold spot, we can ignore this risk and wait patiently for the upcoming bull market.