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Bitcoin's Bullish Momentum: New All-Time High and Rising Open Interest

Explore Bitcoin's latest all-time high, the surge in futures Open Interest, and the impact of ETF inflows on its price trajectory.
Published on 2024-11-14

Bitcoin's New Milestone

Bitcoin recently achieved a remarkable new all-time high of $92,000. Although the price slightly adjusted to around $91,000, indicators suggest continued bullish momentum.

Surge in Bitcoin Futures Open Interest

Bitcoin futures Open Interest has reached unprecedented levels, with total contract holdings across crypto exchanges peaking at $55.82 billion. The Chicago Mercantile Exchange (CME) leads with $18 billion in outstanding derivatives contracts, followed by Binance, Bybit, Bitget, and OKX. Rising Open Interest signifies increased market activity and fresh capital inflows, reflecting heightened institutional interest in Bitcoin.

Growing Institutional Demand

The surge in Bitcoin's Open Interest underscores the growing institutional demand for the cryptocurrency. This trend is further supported by the substantial inflows into spot Bitcoin Exchange-Traded Funds (ETFs), which have now exceeded $90 billion. Notably, BlackRock's IBIT leads with $230 million in inflows, while Fidelity's FBTC follows with $186 million.

Impact on Bitcoin's Price Trajectory

The influx into spot Bitcoin ETFs is anticipated to sustain the ongoing rally, pushing the price past the $90,000 mark. Currently, Bitcoin has seen a 3.65% increase, trading at $90,531. Analysts remain optimistic about Bitcoin's potential, with predictions suggesting the price could reach $100,000 in the coming months. Some forecasts, like that of Galaxy Digital's CEO, envision Bitcoin surging to $500,000, contingent on its adoption as a national reserve asset in the U.S.

Bitcoin's recent achievements and the growing interest from institutional investors highlight its potential for further growth, positioning it as a key asset in the financial market.

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