U.Today – Bitcoin Hits New All-Time High

On Wednesday, Bitcoin (BTC) reached a new all-time high (ATH) of $92,000. This morning, the price slightly decreased to about $91,000, but a key metric indicates more bullish momentum ahead.

Bitcoin Futures Open Interest Soaring

According to CoinGlass data, the total Bitcoin contract holdings across all crypto exchanges soared to a record high of $55.82 billion.

• CME recorded the highest outstanding derivatives contract at approximately $18 billion.
• Binance followed with $10.86 billion.
• The next three exchanges in the top five include Bybit ($7.52 billion), Bitget ($5.53 billion), and OKX ($4.43 billion).

Open Interest (OI) refers to the total number of outstanding derivatives contracts for an asset. An increase in OI indicates more market activity and new investment flowing in. The latest rise in Bitcoin's open contracts reflects growing institutional demand for this leading cryptocurrency. Interestingly, earlier reports highlighted that spot Bitcoin Exchange-Traded Funds (ETFs) have attracted more than $90 billion in total assets.

Data from Farside Investors indicates that spot ETFs saw inflows of $510 million on Nov. 13, with BlackRock's (NYSE:BLK) IBIT leading with $230 million. Fidelity's FBTC followed with $186 million.

Impact on Bitcoin’s Price

The recent ETF inflows are expected to positively influence the ongoing Bitcoin rally, maintaining levels above $90,000. As of this writing, BTC experienced a 3.65% increase in the last 24 hours, trading at $90,531.

Many crypto analysts believe the rally is not yet over, with some predicting Bitcoin could reach $100,000 in the coming months. In a more bullish outlook, Galaxy Digital (TSX:GLXY) CEO Mike Novogratz stated Bitcoin might surge to $500,000, contingent upon its adoption as a national reserve asset in the U.S.

This article was originally published on U.Today