As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of price fluctuations and trends. However, the recent surge of Bitcoin (BTC) to an all-time high of $92,000, accompanied by soaring Open Interest and increasing inflows into spot Bitcoin ETFs, has me intrigued more than ever.
On Wednesday, Bitcoin (BTC) reached an unprecedented peak of $92,000. Although its value dipped a bit today to around $91,000, one significant indicator points towards increasing optimism in the market.
Bitcoin futures Open Interest soaring
Based on CoinGlass’s findings, I’ve discovered that the cumulative value of Bitcoin contracts held across all cryptocurrency exchanges has reached an unprecedented peak of approximately $55.82 billion.
In a notable turn of events, CME holds the record for the largest derivatives contract at around $18 billion, closely trailed by Binance at approximately $10.86 billion. Completing the top five are Bybit ($7.52 billion), Bitget ($5.53 billion), and OKX ($4.43 billion) respectively.
The term “Open Interest” (OI) signifies the cumulative count of active derivative contracts for a specific asset. An increase in OI suggests heightened activity, indicating fresh funds flowing into the market. This recent spike in Bitcoin’s open contracts underscores the expanding institutional interest in the largest cryptocurrency globally. Interestingly, U.Today reported this week that the combined assets of spot Bitcoin Exchange-Traded Funds (ETFs) have gone beyond $90 billion.
On November 13th, according to Farside Investors’ data, a grand sum of $510 million flowed into spot ETFs. It’s no surprise that BlackRock’s IBIT took the lead, bringing in a massive $230 million. Following closely behind was Fidelity’s FBTC, which attracted $186 million.
Impact on Bitcoin’s price
The surge in investments into Bitcoin ETFs currently available on the spot market suggests a probable ongoing upward trend for Bitcoin prices surpassing $90,000. Presently, Bitcoin has witnessed a 3.65% growth over the past day, putting its current value at approximately $90,531.
Several crypto experts anticipate that the current rally will continue for some time, with some predicting prices could hit $100,000 soon. In an optimistic outlook, CEO of Galaxy Digital, Mike Novogratz, speculated that Bitcoin might climb as high as $500,000. However, this projection relies on increased adoption of Bitcoin as a national reserve asset within the U.S.
Read More
- FIS PREDICTION. FIS cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- Tips For Running A Gothic Horror Campaign In D&D
- EUR CAD PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- Luma Island: All Mountain Offering Crystal Locations
- DCU: Who is Jason Momoa’s Lobo?
- OSRS: Best Tasks to Block
- EUR ARS PREDICTION
- INR RUB PREDICTION
2024-11-14 14:57