Key Points
- Bitcoin’s Open Interest has hit an all-time high of $63.32 billion, reflecting increased activity in the crypto Futures market.
- Record stablecoin inflows of $9.7B signal a growing demand for Bitcoin.
Bitcoin’s Open Interest, a measure of the total number of outstanding derivative contracts, such as futures that have not yet been settled, has reached a record high of $63.32 billion. This suggests a significant increase in activity within the crypto Futures market.
This milestone coincides with Bitcoin’s price reaching a record high of $97,836, sparking speculation that it could be on the verge of hitting the $100,000 mark.
Increased Trading and Market Participation
The surge in Bitcoin’s price and Open Interest is indicative of a rise in trading volume and market participation. This increased activity has been driven by robust demand from both retail and institutional investors.
In the last 24 hours alone, Bitcoin’s trading volume reached $101.6 billion, reflecting a 4.46% price increase during the same period. Over the past week, Bitcoin has gained 7.48%, according to data from Coingecko.
Record Stablecoin Inflows
In addition to the rise in Bitcoin’s Open Interest, stablecoin inflows into crypto exchanges have reached a record high of $9.7 billion over the past 30 days. This is the highest monthly inflow ever recorded, signaling a surge in investor interest.
Stablecoins, which serve as a bridge between fiat currency and crypto assets, are typically used for trading and purchasing cryptocurrencies. The increase in stablecoin activity suggests strong buying pressure, which could potentially drive Bitcoin’s price even closer to the $100,000 milestone.
Data from IntoTheBlock shows that all 54.1 million tracked Bitcoin addresses are currently “in the money,” meaning that the current price exceeds their average acquisition cost. This suggests a high level of market confidence, as no address is holding Bitcoin at a loss.
Other metrics also indicate increased activity within the Bitcoin network. The number of active addresses has reached 750,264 in the last 24 hours, reflecting increased participation. Furthermore, Bitcoin transaction fees during this period totaled $2.06 million, highlighting strong network usage.
According to DeFiLlama, Bitcoin’s Total Value Locked (TVL) in decentralized finance protocols stands at $4.321 billion. This suggests that in addition to price and trading activity, Bitcoin is also experiencing growth in DeFi adoption.
If these bullish conditions persist, it may not be long before Bitcoin hits the coveted $100K mark.