Bitcoin Outperforms as Traders Prepare for Next Leg Higher

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The surge in bitcoin futures open curiosity, or complete variety of excellent spinoff contracts, over the previous month coincided with the launch of the primary bitcoin futures-based exchange-traded fund (ETF) launched by ProShares, buying and selling underneath the ticker BITO. “Now, the open interest has declined substantially, particularly when subtracting the BITO contribution,” Arcane wrote in a analysis report.