After updating the record against the backdrop of the US elections, Bitcoin is able to maintain its growth trajectory thanks to the influx of fresh capital.
In the wake of the highly anticipated US Presidential Election, #Bitcoin has broken to a new ATH of $75.4k.
Under the surface, volatility continues to brew across option markets while on-chain capital inflows continue to expand, suggesting a persistent inflow of new demand.… pic.twitter.com/xuoyyiQFxx
— glassnode (@glassnode) November 6, 2024
Experts estimated the rate of monthly receipts at $2.5 billion. Since the beginning of September, they have increased significantly, which indicates a growing appetite for risk among investors and traders taking profits in a strong market, they pointed out.
Over the past 30 days, the realized capitalization of digital gold has increased by 3.8%, to a record $656 billion – one of the highest increases since January 2023.
Exit to ATH triggered a $3.1 billion burst of profit-taking in March. As the market digested this move over the past seven months, realized gains and losses declined, reaching a steady state. Analysts saw this as signs of a “complete reset.”
Currently, there is a structural increase in profit taking, which indicates “a new wave of demand in the market.”
Currently, the volume of profit taking in daily terms has reached $635 million. Compared with the euphoria observed during the extreme periods of previous bull cycles, it remains relatively modest, analysts emphasized.
Separately, Glassnode recalled the jump in open interest in Bitcoin options to $25.2 billion as of November 5. The previous peak of $30.2 billion was recorded in March 2024.
In futures, according to the latest data, this parameter updated the record, amounting to $46 billion. Used by institutional investors CME Over the past 24 hours, open interest jumped by 12%. The platform’s share is close to 30%.
Binance share of all crypto futures by OI amounted to 35%according to CryptoQuant. During the day, the figure jumped by 10.2%, to $8.3 billion.
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Source: Cryptocurrency
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