Bitcoin’s recent surge to $75,000 has pushed its Open Interest (OI) to an all-time high of $45.41 billion, marking a significant 13.29% increase since November 5, as reported by CoinGlass. Open Interest, which represents the total number of active contracts like futures and options, reveals the growing confidence in Bitcoin’s potential as traders increase both long and short positions.
Investors Expect Further Bitcoin Price Growth
The rise in OI comes alongside Bitcoin reaching a new all-time high of $75,792, with many in the market preparing for further price gains. Currently, $1.26 billion in short positions are at risk of liquidation, suggesting traders are positioning for continued bullish momentum beyond the previous high of $73,679.
Veteran trader Peter Brandt noted that Bitcoin’s current momentum aligns with its typical bull market cycle. “Bitcoin is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150k range next Aug/Sep,” Brandt commented on November 6.
Bitcoin’s MVRV Indicator Suggests Growth Potential
Despite Bitcoin’s record highs, blockchain analytics firm CryptoQuant argues that it’s not overbought, based on its Market Value to Realized Value (MVRV) ratio—a key indicator for assessing potential overvaluation. At present, Bitcoin’s MVRV is at 2.19, well below the 2.87 peak observed in March, suggesting room for further gains.
Crypto analyst Rajat Soni highlighted Bitcoin’s stage in global adoption, stating, “We are so early in Bitcoin’s adoption that you can still exchange pieces of paper ($, €, £, etc.) for BTC because most of the world thinks fiat currencies are backed by something tangible.”
Bitcoin Surpasses Meta in Market Cap Ranking
Bitcoin has now claimed the 9th spot in global market capitalization, surpassing Meta Platforms (Facebook) amid renewed optimism following Donald Trump’s recent 2024 election victory. With a market cap of $1.46 trillion, Bitcoin is outpacing Meta’s $1.445 trillion, marking the second time it has achieved this milestone in 2024.
Top assets by market cap currently include giants like Gold ($18.359 trillion), NVIDIA ($3.431 trillion), and Apple ($3.377 trillion), with other major players such as Microsoft, Amazon, and Alphabet also in the lead.
Ryan Lee, Chief Analyst at Bitget Research, remarked, “The market seems to have reacted in advance to Trump’s earlier hints about potentially designating BTC as a strategic reserve asset. If Trump were to win, BTC could continue driving the market higher without major pullbacks, potentially reaching even greater highs.”
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