Following a record high amid the US elections, Bitcoin is poised to maintain its growth trajectory due to an influx of fresh capital.
In the wake of the highly anticipated US Presidential Election, #Bitcoin has broken to a new ATH of $75.4k.
Under the surface, volatility continues to brew across option markets while on-chain capital inflows continue to expand, suggesting a persistent inflow of new demand.… pic.twitter.com/xuoyyiQFxx
— glassnode (@glassnode) November 6, 2024
Experts have estimated monthly inflows at $2.5 billion. Since early September, these inflows have significantly increased, indicating a growing risk appetite among investors and traders locking in profits in a strong market, they noted.
Over the past 30 days, the realized capitalization of digital gold has risen by 3.8% to a record $656 billion—one of the highest increases since January 2023.
The March peak to ATH triggered an “explosive wave” of profit-taking amounting to $3.1 billion. As the market “digested” this movement over the past seven months, the volumes of realized profits and losses have decreased, reaching an equilibrium. Analysts see this as a sign of a “complete reset.”
Currently, there is a structural increase in profit-taking, indicating “a new wave of demand in the market.”
At present, daily profit-taking has reached $635 million. Compared to the euphoria observed during extreme periods of previous bull cycles, it remains relatively modest, analysts emphasized.
Separately, Glassnode noted the surge in open interest in Bitcoin options to $25.2 billion as of November 5. The previous peak of $30.2 billion was recorded in March 2024.
In futures, according to the latest data, this parameter has set a new record at $46 billion. On the CME used by institutional investors, open interest jumped 12% in a day. The platform’s share approached 30%.
Binance’s share of all crypto futures in terms of OI reached 35%, according to CryptoQuant. In a day, the figure jumped 10.2% to $8.3 billion.
Binance OI Reaches New ATH of $8.3 Billion
“Open Interest across all exchanges—including Binance—stands at $23.3 billion, marking a new ATH. This means Binance alone accounts for around 35% of all global futures positions.” – By @burak_kesmeci
Link ?https://t.co/zfnGiGUtKL pic.twitter.com/DfWbZH3tfN
— CryptoQuant.com (@cryptoquant_com) November 6, 2024
“A sudden increase in open interest (any excess of 3% within 24 hours is significant) often hints at upcoming liquidations in the futures market,” specialists warned.
Earlier, Bernstein predicted Bitcoin could rise to $80,000-90,000 if Donald Trump wins.
Previously, options traders bet on increased volatility in the price of the leading cryptocurrency following the US elections.