Trading desks are springing into action as bitcoin’s price and crypto dominance test levels not seen for the better part of a year.

The price of bitcoin topped $35,000 for the first time since the 2022 Terra stablecoin collapse after BlackRock’s iShares Bitcoin Trust was listed on the DTCC’s website — driving speculation that SEC approval of a spot bitcoin ETF was imminent. The listing was removed earlier today.

According to experts who spoke with Blockworks, in the immediate aftermath of bitcoin’s surge, derivatives buyers are being forced to unwind short positions, possibly contributing to the price spike. 

In the longer term, volatility indicators may be showing cooling…

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