JAKARTA - The global cryptocurrency market has experienced a significant spike, with total market capitalization exceeding 2.7 trillion US dollars (approximately IDR 40.5 quadrillion) in the last 24 hours. This 200 billion (approximately IDR 3 quadrillion) increase was driven by rising Bitcoin (BTC) and Ethereum (ETH) prices, as well as positive sentiment in the market recently.
Bitcoin (BTC) managed to reach its highest peak in weeks, touching 72,000 US dollars (Rp1,125,000,000) after several days of trading at around 67,000 US dollars (around Rp1,005,000,000).
The increase in the price of Bitcoin cs occurred after the release of US Consumer Price Index (CPI) data that sparked optimism among investors. The price of BTC continued to increase during the US trading session on Monday night, although then it decreased slightly, but it remained above Rp1,050,000,000 with market capitalization reaching US$1.4 trillion (around Rp21 quadrillion).
Bitcoin ETF Inflow Of Funds
The flow of funds into the Exchange-Trad Funds (ETF) Bitcoin has contributed significantly to market positive momentum. According to data from Farside, the Bitcoin ETF recorded an inflow of IDR 3.6 trillion (approximately USD 237.2 million) on May 20.
The leading ETFs are Ark ARKB with an inflow of IDR 1.04 trillion (approximately USD 68.3 million), followed by BlackRock IBIT and Fidelity FBTC with an inflow of USD 66.4 million (approximately IDR 1.01 trillion) and USD 64 million (approximately IDR 975 billion), respectively. This inflow is equivalent to about eight times the daily supply of Bitcoin mined, showing strong interest from investors.
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Ethereum Doesn't Want To Be Left Behind
Ethereum (ETH) leads the altcoin rally, driven by renewed optimism regarding the ETF spot ETH approval by the US Securities and Exchange Commission (SEC). The announcement is expected on May 23, but speculation about possible approvals has affected the market. ETH prices jumped 20% at one point, hitting $3,710, the highest price since April 9. Futures Ether also experienced a surge in popularity thanks to optimistic sentiment regarding the potential ETF spot ETH approval.
Data from CoinGlass shows that a notional open interest, which represents a total dollar value from an active future's ether contract, rose 25% to 14.05 billion (approximately IDR 210.7 trillion) in the last 24 hours. This exceeds the previous record of 13.2 billion US dollars (IDR 197.6 trillion) recorded in March.
At the same time Bloomberg analysts have raised the SEC's approval probability for ETF spot Ether from 25% to 75%, citing an accelerated submission process. The potential approval of ETF spot ETH not only boosts the price of Ethereum, but also triggers a broader market rally.
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