241114: Bitcoin Hits New All-Time High of $93K as U.S. Demand Soars
Bitcoin reached a record high of over $93,000 on Nov. 13, driven by surging demand from U.S. investors. This price increase began as U.S. markets opened, suggesting that American buyers played a major role. Notably, Bitcoin’s Coinbase Premium Index, which measures U.S. buying pressure, hit its high
Bitcoin reached a record high of over $93,000 on Nov. 13, driven by surging demand from U.S. investors. This price increase began as U.S. markets opened, suggesting that American buyers played a major role. Notably, Bitcoin’s Coinbase Premium Index, which measures U.S. buying pressure, hit its highest level since April. Additionally, BlackRock’s iShares Bitcoin ETF (IBIT) saw substantial activity, ranking as the fourth most-traded ETF with $1.2 billion in volume within the first hour of trading.
Analysts highlighted that this rally was primarily spot-driven, meaning that the buying pressure came from direct purchases rather than futures trading. This pattern points to sustained demand, as spot cumulative volume delta (CVD) showed a strong net buying trend correlated with the price jump. By mid-day, Bitcoin traded around $92,200, up nearly 7% over the past 24 hours, while Ethereum and Solana saw more modest gains.
Source: CoinDesk
Futures Market Updates
In the past 24 hours, BTC futures saw a notable increase in open interest (+2.92%) to $54.78B, while ETH open interest slightly declined (-0.42%) to $17.62B, indicating greater engagement in BTC contracts than in ETH. BTC's 24-hour trading volume dipped only marginally (-0.42%), contrasting with a sharper drop in ETH trading volume (-15.77%), suggesting a stronger momentum for BTC in recent trading activity. BTC also experienced higher total liquidations compared to ETH, with $114.29M in long positions and $133.77M in short positions, while ETH liquidations were $68.85M (long) and $35.30M (short), reflecting more volatility in BTC. Both BTC and ETH futures show a nearly balanced long/short ratio, though ETH has a slight short bias. Lastly, funding rates for both remain positive but low, with BTC at 0.0192% and ETH at 0.0173%, indicating modest bullish sentiment across both assets.
BTC Futures Updates
Total BTC Open Interest: $54.78B (+2.92%)
BTC Volume (24H): $188.90B (-0.42%)
BTC Liquidations (24H): $114.29M (Long)/$133.77M (Short)
Long/Short Ratio: 49.91%/50.09%
Funding Rate: 0.0192%
Ether Futures Updates
Total ETH Open Interest: $17.62B (-0.42%)
ETH Volume (24H): $68.42B (-15.77%)
ETH Liquidations (24H): $68.85M (Long)/$35.30M (Short)
Long/Short Ratio: 48.64%/51.36%
Funding Rate: 0.0173%
Top 3 OI Surges
FWOG: $6.77M (+196.70%)
PNUT: $303.78M (+187.29%)
WEN: $8.29K (+173.04%)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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