Galaxy

Bitcoin

Impact

Read

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">On Wednesday,<a href="https://u.today/bitcoin-surpasses-saudi-aramco-after-hitting-new-record-high" rel="noopener noreferrer nofollow">Bitcoin</a> (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.</p>
<h2 id="bitcoin-futures-open-interest-soaring">Bitcoin futures Open Interest soaring</h2>
<p dir="ltr">According to<a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">CoinGlass</a> data, aggregated Bitcoin contract holdings across all crypto exchanges hit a record high of $55.82 billion.</p>
<p dir="ltr">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.</p>
<p dir="ltr">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<a href="https://u.today/bitcoin-etfs-surpass-90-billion-in-total-assets" rel="noopener noreferrer nofollow">reported</a> earlier this week that spot Bitcoin Exchange-Traded Funds (ETFs) have surpassed $90 billion in total assets.</p>
<p dir="ltr">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.</p>
<h2 id="impact-on-bitcoin-s-price">Impact on Bitcoin’s price</h2>
<p dir="ltr">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.</p>
<p dir="ltr">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<a href="https://u.today/novogratz-predicts-bitcoin-might-reach-500k-if-this-happens" rel="noopener noreferrer nofollow">said</a> 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.</p> <a href="https://u.today/bitcoin-btc-open-contracts-on-crypto-exchanges-hit-ath" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Bitcoin (BTC) Open Contracts on Crypto Exchanges Hit ATH

Table of Contents

U_Today

Other articles published on Nov 14, 2024

UK to Introduce Crypto Rules to Compete with Trump-Led US

Bybit and Admundi Unite to Help Spain’s Flood Survivors

Is Qubetics ($TICS) the Future of Blockchain? 164M Tokens Sold and Rising—How It Compares to Ethe...

Will Dogecoin Cool Down After Its 9th Consecutive Bullish Day?

BREAKING: Bitwise Files to Convert Its Bitcoin and 9 Altcoins Fund into a Spot ETF – Here Are the...

Analysts Call $2 for Dogecoin (DOGE) as Prices Rally

Join our free newsletter for daily crypto updates!