Glassnode Weekly: Bitcoin Poised for Further Upside
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Glassnode Weekly: Bitcoin Poised for Further Upside
BTC surged to a new all-time high on November 6.
Navigating Web3 tides with focused insightsSource: cryptoslate
Compiled by: Blockchain Knight
According to Glassnode's latest "On-Chain Week in Review" report, BTC surged to a new all-time high on November 6 and is poised for further gains, especially amid rising inflows of institutional and retail capital and increasing market volatility.
This milestone rally occurred alongside a monthly net capital inflow totaling $2.5 billion, with BTC's realized market capitalization rising by 3.8% over the past 30 days.
Fueled by fresh capital entering the market, BTC's RealizedCap has now reached a record $656 billion.
The options market reflects BTC's upward momentum, with open interest nearing its all-time high at $25.2 billion—just below the previous peak of $30.2 billion seen in March.
Meanwhile, options trading volume has jumped to $2.9 billion, indicating growing investor interest in BTC’s future price trajectory.
The report notes that the put-to-call ratio is nearly balanced, suggesting investors are positioning themselves for both potential upside and downside risks.
The report also highlights that the Volatility Risk Premium (VRP) currently stands at 27.9%, indicating traders expect significant price movements ahead.
Rising short-term BTC options implied volatility suggests the market is bracing for turbulent price action, signaling potential further price increases or volatility in the crypto market in the coming days.
Demand for BTC ETFs has been a major driver of capital inflows, though this demand showed mixed trends this week.
From November 4 to November 5, U.S.-listed BTC ETFs saw outflows of nearly $658 million as investors remained cautious about potential post-election market volatility.
However, over the entire past week, BTC ETFs recorded inflows exceeding $2.2 billion, indicating sustained and growing investor appetite for these products amid BTC’s price surge.
In parallel, ETFs saw significant trading volume on November 6, with BlackRock’s IBIT recording over $1 billion in trading volume within the first 20 minutes of trading.
Analysts believe this could signal that the strong inflows observed over the past week may continue in the days ahead.
According to Glassnode, reaching a new all-time high could attract additional ETF investors, particularly those drawn in by BTC’s strong upward momentum.
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