Bitcoin’s early 2024 rally stokes anticipation for potential ETF green light 
Quick Take
The opening of 2024 has seen Bitcoin demonstrating a robust performance, with an 8% increase already recorded. A notable milestone was achieved when Bitcoin hit the $45,900 mark, which, interestingly, would be a high in 2023.
Despite a minor sell-off towards the end of 2023, recent data shows a significant surge in the total amount of funds allocated in open futures contracts, indicating a growing interest in the leading digital asset, which is a potential spot for ETF approval on the horizon.
In the last 24 hours, there has been a 10% increase in the total open interest, with the top two exchanges, CME and Binance, recording an increase of 8% and 14%, respectively, according to Coinglass.
In conjunction with this, the total digital asset market has experienced a substantial $160 million liquidation in the past 24 hours, with $130 million being shorts. Specifically, Bitcoin has seen $80 million shorts liquidated, according to Coinglass.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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