The Open Interest for Bitcoin [BTC] has soared to an unprecedented peak of $63.32 billion, indicating increased activity in the cryptocurrency Futures market.
Today, the price of the leading cryptocurrency hit an all-time high of $97,836, sparking discussions about its potential to breach the $100,000 threshold in the near future.
This upsurge points towards a surge in trading volume and a rise in market participation, fueled by robust demand from both individual and institutional investors.
In the last 24 hours, Bitcoin’s trading volume amounted to $101.6 billion, reflecting a 4.46% price surge within the same timeframe. Over the past week, BTC has witnessed a 7.48% increase, as per Coingecko data.
Being in circulation with 20 million BTC, its market capitalization currently stands at $1.93 trillion.
Upsurge in Stablecoin Inflows Indicates Growing Demand
There has been a remarkable spike in stablecoin inflows to crypto exchanges, totaling $9.7 billion in the last 30 days, signaling an escalating interest among investors.
Stablecoins play a vital role as an intermediate link between fiat currencies and crypto assets, commonly utilized for trading and acquiring various cryptocurrencies.
Leon Waidmann, the head of research at The Onchain Foundation, highlighted,
“Record $9.7B inflows to exchanges in Stablecoins in 30 days! Marking the highest ever monthly inflow. Stability in Stablecoin liquidity is evident. The speculative demand is on the rise!”
The surge in stablecoin activities hints at strong buying impulses, potentially propelling Bitcoin closer towards the significant $100,000 milestone.
Traditionally, November has been observed as one of Bitcoin’s most bullish months, further fostering positive sentiments.
All Addresses Enjoy Profits
As per data from IntoTheBlock, all of the 54.1 million tracked Bitcoin addresses were “in profit” at the current moment, surpassing their average acquisition cost.
No address currently holds Bitcoin at a loss.
As anticipated, the absence of addresses at a loss or break-even point indicates robust confidence prevailing in the market.
Influx of Activity in the Bitcoin Ecosystem
Additional metrics highlight heightened activity within the Bitcoin network, with active addresses reaching 750,264 in the past 24 hours, showcasing heightened participation.
Furthermore, Bitcoin transaction fees during this period totaled $2.06 million, illustrating a pronounced network utility.
According to DeFiLlama, Bitcoin’s Total Value Locked (TVL) in decentralized finance platforms is presently valued at $4.321 billion. Hence, apart from price surges and trading activities, Bitcoin is also witnessing an uptick in DeFi adoption.
If this bullish trend persists, Bitcoin seems headed towards the coveted $100K milestone in the near future.