Bitcoin had a milestone on Wednesday when it reached all-time high (ATH) of $92,000, but it dropped slightly to around $91,000 early Thursday. According to the minor decline, the cryptocurrency’s momentum remains strong due to increasingly unprecedented institutional interest and capital inflows.
Data from CoinGlass shows Bitcoin’s open interest (OI) on top 30 major exchanges rose to a record $55.82 billion. Almost $18 billion, CME also stood out in contracts of outstanding derivatives, while Binance was also at $10.86 billion.
Bybit, BitGet, and OKX are other top platforms which stay in the line with $7.52B, $5.53B transactions and with $4.43B transactions respectively. It shows that higher market activity, new money funneling into the space.
Bitcoin’s Rise Supported by Leading Platforms Bybit, BitGet, and OKX
This implies that institutional investors, one way or another, remain on the driving edge of Bitcoin demand. This activity is actually heightened, because it reveals Bitcoin also capable of serving as a viable asset for the large investors despite its volatility.
Spot Bitcoin Exchange-Traded Funds (ETFs) even contributed to this surge, growing to over $90 billion in total assets this week. On Nov. 13, the data from Farside Investors showed $510 million in ETF inflows: BlackRock’s IBIT saw $230 million, while the Fidelity FBTC took in $186 million.
This capital infusion should prove to be enough to continue driving BTC price rise, possibly resulting in it exceeding the $90,000 barrier in the near future. BTC currently trades at $90,531 with a 3.65% 24 hour gain and overall seems bullish. The analysts predict that the value of BTC will go up to $100,000 in the upcoming months.
Indeed, Galaxy Digital CEO Mike Novogratz has also predicted BTC could reach $500,000 in value if the cryptocurrency is widely adopted and becomes a U.S. national reserve asset though this is all hypothetical.
Overall, Bitcoin’s performance so far and the growing interest of institutions of support for the cryptocurrency suggests a positive outlook for the cryptocurrency as it continues to become a competitive landscape for the overall financial sector.
