7 months ago
Bitcoin (BTC) soared to a caller all-time precocious connected Nov. 6 and is poised for further upside, spurred by important organization and retail superior inflows and rising marketplace volatility, according to Glassnode’s latest “Week On-chain” report.
The landmark surge comes amid monthly nett superior inflows totaling $2.5 billion, lifting Bitcoin’s marketplace Realized Cap — a cardinal metric indicating nett superior concern — by 3.8% implicit the past 30 days.
The Realized Cap present stands astatine a record-breaking $656 billion, fueled by caller superior entering the market.
Options driving volatility
The options marketplace has mirrored Bitcoin’s upward momentum, with unfastened involvement levels nearing grounds highs astatine $25.2 billion, conscionable shy of the all-time highest of $30.2 cardinal seen successful March.
Meanwhile, options trading measurement has besides jumped to $2.9 billion, reflecting heightened capitalist involvement successful Bitcoin’s aboriginal terms movements. The study noted that a near-even divided betwixt enactment and telephone options indicates investors are preparing for some imaginable gains and downside risks.
The study besides highlighted that the volatility hazard premium (VRP) present sits astatine 27.9%, indicating that traders expect important terms swings ahead. This elevated implied volatility for short-term Bitcoin options reflects a marketplace bracing for turbulent action, a motion that the crypto abstraction whitethorn witnesser further terms gains oregon fluctuations successful the days to come.
ETF request remains strong
Demand for Bitcoin-based ETFs, which person been a important operator of superior inflows, showed mixed trends this week.
US-listed Bitcoin ETFs saw outflows of astir $658 cardinal from Nov. 4 to Nov. 5, attributed to capitalist caution astir imaginable post-election marketplace volatility. However, implicit $2.2 cardinal successful inflows were recorded implicit the full past week, pointing to sustained capitalist involvement successful these products arsenic Bitcoin prices surge.
Meanwhile, the ETFs saw important measurement connected Nov. 6, with BlackRock’s IBIT signaling implicit $1 cardinal successful trading measurement wrong the archetypal 20 minutes of trading. Analysts judge this could beryllium a motion that the beardown inflows from the past week volition proceed successful the coming days.
According to Glassnode, the accomplishment of a caller all-time precocious could pull much ETF investors, peculiarly those drawn to Bitcoin’s beardown upward momentum.
The station Increased request and heightened volatility awesome further upside for Bitcoin – Glassnode appeared archetypal connected CryptoSlate.
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