bitcoin (BTC) in keeping with Glassnode's newest report, “Week On-chain” soared to a brand new all-time excessive on November 6 and is poised for additional progress, spurred by vital inflows of institutional and retail capital and rising market volatility.
The landmark enhance comes amid month-to-month web capital inflows totaling $2.5 billion, lifting Bitcoin's Market Realized Cap — a key metric indicating web capital funding — by 3.8% over the previous 30 days.
Realized Cap now stands at a report $656 billion, boosted by contemporary capital coming into the market.
Choices growing volatility
The choices market mirrored bitcoin's bullish momentum, with open curiosity ranges approaching a report $25.2 billion, simply shy of the all-time excessive of $30.2 billion seen in March.
In the meantime, choices buying and selling quantity additionally jumped to $2.9 billion, reflecting elevated investor curiosity in bitcoin's future value actions. The practically even break up between places and calls suggests traders are bracing for each potential features and draw back dangers, the report mentioned.
The report additionally highlighted that the Volatility Danger Premium (VRP) now stands at 27.9%, indicating that merchants count on vital value swings. This elevated implied volatility in short-term Bitcoin choices displays the market's readiness for turbulent motion, an indication that the crypto area could witness additional value features or swings within the coming days.
Demand for ETFs stays robust
Demand for bitcoin-based ETFs, which have been a big driver of capital inflows, confirmed blended developments this week.
U.S.-listed bitcoin ETFs noticed outflows of practically $658 million between Nov. 4 and Nov. 5, attributed to investor warning over potential post-election market volatility. Nonetheless, inflows of over $2.2 billion have been recorded for all the previous week, indicating continued investor curiosity in these merchandise as Bitcoin costs rise.
In the meantime, ETFs noticed vital quantity on November 6, with BlackRock's IBIT seeing over $1 billion in buying and selling quantity within the first 20 minutes of buying and selling. Analysts imagine this might be an indication that final week's robust influx will proceed within the coming days.
In keeping with Glassnode, reaching a brand new all-time excessive may appeal to extra ETF traders, particularly these drawn to Bitcoin's robust upside momentum.
