Bitcoin (BTC) Price Soars to 13-Month High: Possible Reasons

The leading digital currency Bitcoin surged above $31,000 again, this time reaching a 13-month high in the $13,415 zone. By now, BTC has slumped but is growing again, changing hands at $31,117 per unit on the Bitstamp crypto exchange.

Bitcoin regains $31,330

Earlier today, the CEO of the world’s largest fund manager BlackRock, Larry Fink, called Bitcoin an international asset and drew parallels between BTC and gold. He proclaimed BTC the “digitized” gold, in an interview with FOX Business.

In the middle of June, BlackRock surprised the crypto market by filing a request with the SEC to register its own Bitcoin ETF. Previously, such financial giants as Ark, InStress Eco, VanEck and Greyscale failed to have their filings approved by the regulator.

However, since BlackRock has a strong record with the SEC, now, after a refiling was submitted, the Bitcoin community began praising the fund manager for its intention to expand Bitcoin exposure.

BlackRock’s filing was followed by a slew of other large Wall Street companies submitting their requests to the regulator with the same purpose.

Talk about perfect timing! 😍 $BTC https://t.co/na4PMgRAJP pic.twitter.com/62x3VT8TW6

— Ali (@ali_charts) July 6, 2023

Bitcoin Open Interest jumps, “shrimps” accumulating Sats aggressively

A few days ago, the $31,000 level was reclaimed by Bitcoin as the value of BTC Open Interest soared by $300 million, hitting $13.8 billion in total and standing just $1.3 billion short of a $15.1 billion all-time high.

Open Interest in a metric related to Bitcoin futures contracts that remain unsettled, and its rise, indicates a higher trading volume and a rise in interest in BTC from institutional investors.

Besides, small retail investors, holding less than 1 BTC (and therefore referred to as “shrimps”) have been aggressively buying Satoshis, according to a recent report by Glassnode analytics company. They have been grabbing 33.8 BTC per month recently, and now they hold 1.33 BTC.

A similar situation was observed in December 2017, when Bitcoin hit the $20,000 historic peak for the first time ever.