- Bitcoin hit $97,836 ATH while Open Interest climbed to $63.32B, signaling growing Futures activity.
- Record $9.7B stablecoin inflows boosted BTC’s buying demand as well.
Bitcoin’s [BTC] Open Interest has reached an all-time high of $63.32 billion, reflecting heightened activity in the crypto Futures market.
This milestone comes as the king coin’s price hit a record $97,836 earlier today, fueling speculation that it could soon reach the $100,000 mark.
Source: X
This surge indicated increased trading volume and growing market participation, driven by strong demand across retail and institutional investors.
Bitcoin’s trading volume in the past 24 hours reached $101.6 billion, reflecting a 4.46% price increase during the same period. Over the past week, BTC gained 7.48%, per Coingecko data.
With a circulating supply of 20 million BTC, its market capitalization stands at $1.93 trillion.
Stablecoin inflows signal increased demand
Stablecoin inflows to crypto exchanges have hit a record $9.7 billion in the past 30 days, according to data. This marked the highest monthly inflow ever recorded, signaling growing investor interest.
Stablecoins, which serve as a bridge between fiat currency and crypto assets, are often used for trading and purchasing cryptocurrencies.
Leon Waidmann, head of research at The Onchain Foundation, noted,
“Stablecoin inflows to exchanges hit $9.7B in 30 days! The LARGEST monthly inflow EVER. Stablecoin liquidity is back. Speculative demand continues to explode!”
Source: X
The increase in stablecoin activity suggested strong buying pressure, which could propel the king coin closer to the $100,000 milestone.
November has historically been one of Bitcoin’s most bullish months, further bolstering optimism.
100% addresses in profit
Data from IntoTheBlock revealed that all 54.1 million tracked Bitcoin addresses were “in the money” at press time, meaning the current price exceeded their average acquisition cost.
No address was holding Bitcoin at a loss.
Source: IntoTheBlock
As expected, the absence of addresses at a loss or break-even level suggested robust market confidence.
Increased activity in the Bitcoin ecosystem
Other metrics showed heightened activity within the Bitcoin network. Active addresses have reached 750,264 in the last 24 hours, reflecting increased participation.
Moreover, Bitcoin transaction fees during this period totaled $2.06 million, highlighting strong network usage.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
According to DeFiLlama, Bitcoin’s Total Value Locked (TVL) in decentralized finance protocols stands at $4.321 billion. So, alongside price and trading activity, Bitcoin is seeing growth in DeFi adoption as well.
If such bullish conditions continue, it will not be long before Bitcoin hits the coveted $100K mark.
Powered by WPeMatico
