Bitcoin (BTC) Open Contracts on Crypto Exchanges Hit ATH

U.Today - On Wednesday, Bitcoin (BTC) hit a new all-time high (ATH) of $92,000. While the price dropped slightly this morning to about $91,000, one key metric shows more bullish momentum on the horizon.

Bitcoin futures Open Interest soaringAccording to CoinGlass data, aggregated Bitcoin contract holdings across all crypto exchanges hit a record high of $55.82 billion.

CME recorded the highest outstanding derivatives contract of approximately $18 billion, followed by Binance with $10.86 billion. The other three exchanges featured in the top five spots include Bybit, Bitget and OKX, with $7.52 billion, $5.53 billion and $4.43 billion, respectively.

Open Interest (OI) refers to the total number of outstanding derivatives contracts for an asset. Increasing OI signals more activity and represents new money coming into the market. Thus, the latest surge in Bitcoin’s open contracts highlights the growing institutional demand for the world’s largest cryptocurrency. Intriguingly, U.Today reported earlier this week that spot Bitcoin Exchange-Traded Funds (ETFs) have surpassed $90 billion in total assets.

Farside Investors data shows that spot ETFs attracted a total of $510 million worth of inflows on Nov. 13. Unsurprisingly, BlackRock (NYSE:BLK )'s IBIT led the charge with a total of $230 million worth of inflows. Fidelity's FBTC came in a distant second place with $186 million.

Impact on Bitcoin’s priceThe recent inflow into spot Bitcoin ETFs is likely to show a positive continuation of the current Bitcoin rally above the $90,000 level. As of this writing, BTC has experienced a 3.65% increase in the last 24 hours to trade at $90,531.

Many crypto analysts believe it is not yet done with its ongoing rally. Some forecasted that the price could reach $100,000 in the coming months. In a more bullish forecast, Galaxy Digital (TSX:GLXY ) CEO Mike Novogratz said Bitcoin might surge to $500,000. His prediction, however, hinges on the leading coin’s adoption as a national reserve asset in the U.S.

Source: Investing.com

Последние публикации
Playnance Launches PlayBlock: The Future of Zero-Gas Blockchain for Trading, Gaming, and Web3 Adoption
14.11.2024 - 22:00
"Bitcoin Is Going Ballistic", Michael Saylor Says As BTC Holds Above $90,000
14.11.2024 - 21:00
XRP Climbs 10% In Rally
14.11.2024 - 21:00
Bitcoin Bull Mike Novogratz Reveals Hidden Value of Cryptocurrency
14.11.2024 - 21:00
HTX Unveils October Security Monthly Report, Prioritizing User Asset Protection
14.11.2024 - 20:00
BTC Creator Satoshi Nakomoto Now 19th Richest Person in World: Report
14.11.2024 - 19:00
Bybit and DMCC Hackathon Pitch Day: Watch the Future of Web3 Unfold in Dubai
14.11.2024 - 18:00
Bitcoin (BTC) Open Contracts on Crypto Exchanges Hit ATH
14.11.2024 - 17:00
Bybit Card Unveils Limited-edition MBTI and Hamster Designs for New Users
14.11.2024 - 17:00
Cardano Falls 10% In Rout
14.11.2024 - 16:00
Bitcoin price today: upbeat near $91k as Trump boost persists; Doge climbs
14.11.2024 - 16:00
BIT Mining (NYSE: BTCM) Invests in Prosper’s Native Tokens to Support New Focus on Bitcoin Mining
14.11.2024 - 14:00
Bybit Drops 20,000 USDT Prize Pool for First-Time CryptoLens AI Users
14.11.2024 - 14:00
Bybit Extends Support to Flood-Devastated Communities in Spain
14.11.2024 - 14:00
Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn
14.11.2024 - 13:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?