Bitcoin Surges Past $110K as XRP Joins Nasdaq Crypto Index

Bitcoin’s price has surged past $110,000, with significant gains across the crypto market. Total market capitalisation is now over $3.44 trillion. The options market is leaning towards bullish sentiment as institutions show increased activity. Additionally, XRP’s inclusion in the Nasdaq Crypto US Settlement Price Index marks a significant step towards broader institutional acceptance, although existing regulatory restrictions could pose tracking challenges for connected exchange-traded funds.

Bitcoin’s recent surge has seen its price break through the significant $110,000 threshold, hitting an intraday peak of $110,587. This increase boosts its market valuation to an impressive $2.19 trillion, making up a hefty 63.8% of the overall crypto market cap, which stands at $3.44 trillion. As of 7:30 p.m. Eastern time, bitcoin was trading at $110,077, reflecting the bullish trend that has gripped the market.

On Monday, the overall crypto market saw a noteworthy uptick, with total capitalisation climbing by 3.85%. Bitcoin, in particular, appreciated by 4.1% within 24 hours, followed by similar gains from major competitors. Ethereum recorded a 6% rise while dogecoin increased by 5.6%. Additionally, global trade volume soared to $119 billion, a significant 42.95% increase compared to the previous day, highlighting heightened trading activity.

The futures market is buzzing with excitement as open interest reached 696,450 BTC, worth about $76.69 billion at the time of reporting. The Chicago Mercantile Exchange (CME) leads this charge, holding 151,010 BTC in open interest valued at over $16.6 billion, representing about 21.68% of the market. Binance follows closely with 117,180 BTC, or $12.9 billion, making up 16.82%, both of which signal strong institutional involvement. Gains in open interest on these platforms suggest traders are either establishing new long positions or hedging against potential downturns.

The options market prominently favors calls, with about 62.38% of open interest pegged in call contracts, equating to 230,925.8 BTC. Puts represent the remainder, totalling 139,250.36 BTC. This trend continues in the trading volume over the last 24 hours, where 62.97% of trades were call options. This trend could indicate that traders are optimistic about upward movements and are preparing for possible bullish breakouts as the end of June approaches.

Adding to this narrative of optimism, traders are showing confidence with bold moves in far out-of-the-money calls. The highest positions are in the $140,000-call expiring on September 26 and the $120,000-call ending June 27. Cautiously, the largest put option remains at the $85,000 strike due for June 27, indicating some protective measures against possible downturns in the near future.

In an exciting development for XRP, it’s been included in the Nasdaq Crypto US Settlement Price Index, marking a crucial step toward greater institutional acceptance. This addition took place following an update to Hashdex’s Nasdaq Crypto Index US ETF submitted to the U.S. SEC, which outlines the index redesign that came into effect on June 2. It now includes not just Bitcoin and Ethereum but also four additional assets: Cardano, Solana, Stellar Lumens, and of course, XRP.

While this broadening of the index’s constituents is a positive sign for institutional players, it is worth noting that the Hashdex ETF is currently restricted from holding anything apart from Bitcoin and Ethereum. This restriction raises concerns over potential performance divergence as the ETF will struggle to track the enhanced index accurately. The SEC filing explicitly highlights these regulatory constraints, suggesting an increased risk of tracking error due to the limitations on the assets the ETF can hold.

On a hopeful note, Nasdaq has proposed a change to SEC rules that would allow the ETF to adopt the broader Nasdaq Crypto Index as its official benchmark. If approved, this would enable the ETF to include all index constituents, not just limited assets. A decision from the SEC regarding this proposal is anticipated by November 2, 2025, and could significantly reshape the landscape for crypto investment products going forward.