The post ETF Inflows and Record Derivatives Open Interest back Historic Rally appeared on BitcoinEthereumNews.com.

Bitcoin is finally a six-figure asset following its latest push above the highly anticipated $100,000 price tag. The road to this milestone has been quite interesting this week, underpinned by a mix of robust spot and derivatives demand. November has been one of the most bullish months for Bitcoin and this clearly paid off. It will go down in history as the month that Bitcoin crossed above the $100,000 price tag for the first time in history. It exchanged hands at (INSERT PRICE) at press time. BTC’s price action has so far rallied by (INSERT PERCENTAGE) from its lowest price to its recent high. This performance indicates that November could possibly become the most bullish month for Bitcoin in 2024. However, that will only happen if it pushes higher to overtake the 52% upside it achieved in February. – Advertisement – Bitcoin ETFs underpin strong demand in the spot market We previously observed that Bitcoin ETFs have been influencing the market’s direction. They have also been aggressively accumulating this week. However, the latest ETFs data was noteworthy because the daily volume purchased during Thursday’s trading session. The Bitcoin ETF inflows reportedly surpassed the $1 billion mark during Thursday’s trading session. Daily ETF inflows averaged over $600 million in the last 3 days. bitcoin | source x The massive Bitcoin ETF inflows align with the strong demand for Bitcoin that was observed in the last 7 days. They particularly demonstrated the level of demand in the spot market. This demand contributed to the successive new highs we observed in BTC price action during the week. – Advertisement – Bitcoin open interest soars to historic high Bitcoin’s ATH price action above $100,000 was not only aided by spot demand but also a surge in derivatives demand. According to Coinglass, the level of…

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Filed under: News - @ December 5, 2024 3:22 am