The Open Interest for Bitcoin [BTC] has hit an unprecedented high of $63.32 billion, indicating increased activity in the cryptocurrency Futures market.
This achievement coincides with the cryptocurrency’s peak price of $97,836 earlier today, sparking anticipation that it is on the verge of hitting the $100,000 threshold.
This surge demonstrates a surge in trading volume and escalating engagement in the market, fueled by strong interest from both individual and institutional investors.
Over the past 24 hours, Bitcoin’s trading volume has totaled $101.6 billion, showing a 4.46% price jump during the same period. Coingecko data reveals that BTC has gained 7.48% over the last week.
With a total supply of 20 million BTC, its market capitalization has climbed to $1.93 trillion.
Inflows of Stablecoins Indicate Growing Demand
Recent data shows that inflows of stablecoins into crypto exchanges have surged to a record $9.7 billion in the last month, signaling a rise in investor interest.
Stablecoins function as a link between traditional fiat currencies and digital assets, commonly used for trading and purchasing cryptocurrencies.
The Onchain Foundation’s head of research, Leon Waidmann, observed,
“Stablecoin inflows to exchanges hit $9.7B in 30 days! The LARGEST monthly inflow EVER. Stablecoin liquidity is back. Speculative demand continues to explode!”
The spike in stablecoin activity suggests strong buying pressure, potentially pushing Bitcoin closer to the $100,000 milestone.
Historically, November has been a particularly bullish month for Bitcoin, heightening optimism.
All Addresses Showing Profitability
Data provided by IntoTheBlock indicates that all 54.1 million tracked Bitcoin addresses were currently profitable at press time, with the current price surpassing their average acquisition cost.
No address held Bitcoin at a loss.
The absence of addresses showing losses or break-even levels indicated significant market confidence.
Rising Activity in the Bitcoin Ecosystem
Other indicators point to increased activity within the Bitcoin network. The number of active addresses has reached 750,264 in the last 24 hours, reflecting heightened engagement.
Additionally, Bitcoin transaction fees during this period amounted to $2.06 million, underlining robust network utilization.
According to DeFiLlama, Bitcoin’s Total Value Locked (TVL) in decentralized finance protocols is currently at $4.321 billion. Therefore, alongside price movements and trading activity, Bitcoin is also witnessing growth in DeFi adoption.
If this bullish momentum sustains, it may not be long before Bitcoin achieves the sought-after $100,000 milestone.