Glassnode: new capital inflows will keep bitcoin’s growth on track

Analysts at Glassnode report a significant increase in activity in the cryptocurrency market, as after setting a new record amid the US elections, bitcoin BTC $100,609.32 Bitcoin -5.60% Market capitalization $1.99 trillion VOL. 24 hours $5.29 billion shows a steady upward trend, supported by strong capital inflows and growing open interest in futures and options.

It is reported that since the beginning of September, they have grown significantly, indicating an increase in risk appetite among investors and profit-taking by traders in a strong market, so over the past 30 days, the realized capitalization of «digital gold» has increased by 3.8% and reached a record $ 656 billion — one of the highest since January 2023.

The historic high in March triggered an «explosive wave» of profit-taking in the amount of $ 3.1 billion. Over the past seven months, the market has been digesting this growth, and the volume of realized gains and losses has declined, reaching a steady state that indicates a «complete reset.»Currently, there is a structural increase in profit-taking, which indicates a «new wave of demand in the market,» and the daily volume of profit-taking has reached $ 635 million. Despite this, analysts emphasize that this figure remains relatively modest compared to the extreme periods of previous bull cycles.Glassnode analysts also noted an increase in open interest in the bitcoin options market to $ 25.2 billion as of November 5. The previous peak of $ 30.2 billion was recorded in March 2024.In the futures segment, this figure reached a record of $ 46 billion. On the CME platform, which is actively used by institutional investors, open interest grew by 12% per day, and its share approached 30%.Binance 's share of the total open interest in all crypto futures was 35%, according to CryptoQuant. Over the past day, the figure jumped by 10.2%, reaching $ 8.3 billion.

«A sudden increase in open interest (any increase of more than 3% in 24 hours is significant) often indicates possible liquidations in the futures market,» the experts warned.

Earlier, on November 7, the US Federal Reserve decided to cut the interest rate by 0.25%, which led to a rapid growth of bitcoin. The top crypto asset set a new all-time high of $ 76,849.

As a reminder, on November 5, a new historical maximum of bitcoin mining complexity was recorded, reaching 101.65 T, which is 6.24% higher than the previous figure. According to the CloverPool platform, the average network hashrate, which reflects the required computing power, is 709.87 EH/s.