n September 20, 2024, Bitcoin (BTC) saw a 10% increase over the previous week, following a busy few days. The past week included another rate cut by the Federal Reserve, a hold on cuts by the Bank of England, and the Bank of Japan (BoJ) decision to hold rates on Friday.
BTC Futures Attract Billions
Bitcoin pushed above $64,000 during Asian morning hours on Friday, before paring some of its gains. Traders noted that the BoJ holding rates did not lead to the market meltdown seen after the July rate hike.
The traders were optimistic going forward on risky assets, such as Bitcoin, as macroeconomic data sent signals suggesting this was an active bet in the coming months.
The U.S. 2-year/10-year treasury spread, which signals recession indicators, had been inverted since July 2022 but was recently steepening back out to +8bps, indicating some optimism in the market with a shift back toward risk-on assets.
Crypto Markets React
According to open-interest data from CoinGlass, Bitcoin has gained around $5 billion in open-interest bets since Tuesday in anticipation of volatility ahead. Traders have also taken a long bias as the buying volume and selling volume ratio indicate.
In the last 24 hours, the crypto markets have jumped upwards with meme coins and layer-1 tokens propelling the gains. Solana's SOL and Ether (ETH) zoomed up to 7%, leading major price gains among large-cap coins. Also, Avalanche's AVAX, Aptos' APT, and Immutable's IMX tokens jumped upwards by as much as 12%. Memecoins, especially Bonk (BONK), surged upwards by 10% on CoinGecko, indicating risk-on behavior among traders.
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