U.Today – On Wednesday, Bitcoin (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.
Bitcoin futures Open Interest soaring
According to CoinGlass data, aggregated Bitcoin contract holdings across all crypto exchanges hit a record high of $55.82 billion.
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.
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 reported earlier this week that spot Bitcoin Exchange-Traded Funds (ETFs) have surpassed $90 billion in total assets.
Farside Investors data shows that spot ETFs attracted a total of $510 million worth of inflows on Nov. 13. Unsurprisingly, BlackRock (NYSE:BLK)’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.
Impact on Bitcoin’s price
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.
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 (TSX:GLXY) CEO Mike Novogratz said 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.
This article was originally published on U.Today
