BTC price surpassed $38,000 for the first time since May 2022 as Bitcoin bulls held strong this month. Bitcoin futures trading on the Chicago Mercantile Exchange continued to rise and surpassed the world's largest cryptocurrency trading platform, Binance. Which indicates huge demand from institutional investors. CME Bitcoin futures have now turned bullish to rise above $40,000.

CME Bitcoin Futures Point to $40,000 Bitcoin bulls continue to push BTC price higher as market sentiment improves following monthly options delivery. Retail and institutional investors are now more confident about the BTC price reaching $40,000 and closing the year near $45,000.

Coinbase's (NASDAQ:COIN) CME Front Contract Premium to Point ratio reached all-time highs amid positive sentiment. CME Bitcoin futures were trading as high as $39,300 at one point in the past 24 hours. That's roughly $1,000 premium over the spot price. This happens when futures and options traders remain bullish on Bitcoin.

Contributing to the improving market and bullish sentiment are ETFs for institutional investors like BITO from ProShares. Which invests in Bitcoin futures contracts listed on the Chicago Mercantile Exchange, at an increased premium.

At the same time, the open interest market share of CME Bitcoin futures also rose, reaching almost 30%. This comes after former CEO CZ agreed to criminal charges and paid a $4.3 billion settlement with US authorities.

Moreover, it indicates that institutional investors remain optimistic and continue to bet on Bitcoin. The inflow of cryptocurrency funds has increased significantly in the past few weeks, as Bitcoin has pushed the cryptocurrency market higher.

BTC Price is Gaining Strength Bitcoin price has jumped by 2% in the past 24 hours, with the price currently trading at $37,818. The 24-hour low and high are $37,369 and $38,415 respectively. Furthermore it . Trading volume has increased by 70% in the last 24 hours, indicating high trader interest.

This increase is attributed to various factors, with the top 100 Tether (USDT) addresses being a significant contributor. Which combined added $1.67 billion in the past six months. This confirms the upcoming rise supported by positive sentiment and high trading volumes.

Matrixport Research predicts that Bitcoin will reach $45,000 in 2023 and $125,000 by December 2024 after a massive post-halving rally.