Last week, the Federal Reserve cut interest rates by 50 basis points, increasing cash flow in the US. Two days later, Bitcoin’s price surpassed $64,000, reviving confidence in the market. 🚀

According to Bitfinex’s weekly report, this increase was driven by activity in the futures and perpetual contract markets rather than the spot market. Bitcoin’s open interest outpaced the price increase.

According to blockchain analytics platform Coinglass, Bitcoin’s open interest reached $34.9 billion, the highest level since early August. Bitfinex analysts said that the increasing interest in spot Bitcoin ETFs could push the BTC price closer to $73,800.

Altcoins have also seen significant increases in the past month. While altcoins such as SUI and AAVE saw a 100% price increase, prices of altcoins outside the top 10 remained flat. However, the open interest of these assets increased from $10.74 billion to $11.48 billion. 📈