Bitcoin (BTC) Open Contracts on Crypto Exchanges Hit ATH
Analysis
Price Impact
HighOpen interest (oi) in bitcoin futures contracts has hit an all-time high, indicating increased activity and new money entering the market, likely driven by institutional demand. this surge in oi is likely to fuel further price rallies.
Trustworthiness
HighThe news is sourced from reputable sources such as coinglass and u.today. data on open contracts and spot etf inflows from blackrock's ibit and fidelity's fbtc adds credibility to the analysis.
Price Direction
BullishThe surge in oi indicates strong buying pressure and institutional interest. this is further supported by the recent inflows into spot bitcoin etfs, suggesting growing mainstream adoption. the potential for bitcoin to become a national reserve asset in the u.s. could further propel its price.
Time Effect
LongThe impact of increased institutional interest and growing adoption is likely to have a long-term bullish effect on bitcoin's price, as more investors and institutions seek exposure to the leading cryptocurrency.
Original Article:
Article Content:
News Thu, 14/11/2024 - 11:54 Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News 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 soaring According to CoinGlass data, aggregated Bitcoin contract holdings across all crypto exchanges hit a record high of $55.82 billion. Related Tue, 11/12/2024 - 12:17 $200,000 for Bitcoin (BTC) Reality Now Arman Shirinyan 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'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 price The 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. Related Tue, 11/12/2024 - 14:44 Bitcoin May Reach $667,000: Satoshi Nakamoto's Allies Explain Why Gamza Khanzadaev 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 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. #Bitcoin