Bitcoin rallied to start the week, touched a new 2023 high to end it and suffered a brief drop in between, weighed down by the trouble at Binance.
Bitcoin ended the week higher by about 4% after touching a new 2023 high on Friday above $38,000.
Coin Metrics measures a week in crypto, which trades 24 hours a day, from 4:00 p.m.
Optimism about the likely approval of a spot bitcoin ETF has been building for the past couple months, serving as the biggest catalyst for the cryptocurrency.
The challenge is that active crypto trader positioning appears long, he added, based on activity in crypto futures, options, open interest and funding rates.
Persons:
Bitcoin, Zach Pandl, bitcoin, Pandl, Michael Rinko, Biden, there's
Organizations:
CNBC, Regulators, Delphi
Locations:
Binance, Argentina, U.S