Bitcoin price explodes

The Bitcoin course has no holding back and breaks one brand after the next. While it was still the 14,000 US dollar mark this morning, it is already the 15,000 US dollar hurdle that Bitcoin has cleared by the afternoon. More about the market situation: The market update.

Hodler had to be patient for this moment since January 2018: in the evening yesterday, the Bitcoin rate again conquered the $ 14,000 mark. Instead of taking a break, this is slipped straight to the $ 15,000 mark. In the meantime, this mark has also been taken, so that the Bitcoin price was quoted at $ 15,220 at the time of going to press. Bitcoin has once again reached a new high for the year. The rapid price increases of the ongoing rally become clear in the flashback: In the last 30 days alone, the Bitcoin price has risen by over 40 percent.

With a market dominance of 65 percent, Bitcoin is again showing its spurs to the altcoins. According to Tradingview, the measured value is the highest since May.

Source: Tradingview

Demand for Bitcoin options is increasing

The recent Bitcoin rally has shaken up futures trading again. With a total volume of over 2.9 billion US dollars, the open interest in Bitcoin options aggregated on all futures exchanges cracked a new all-time high on November 4th. The open interest includes all outstanding futures contracts.

Source: Skew

As data from Skew shows, the total volume of Bitcoin options has grown steadily over the past six months, more than tripling since the beginning of May. Unlike futures, traders are not required to buy or sell options.

However, the trading activity in Bitcoin futures also testifies to increasing demand. After two comparatively quiet months, the trading volume of all outstanding Bitcoin futures is back to the level of mid-August. At 5.4 billion US dollars, the trading volume was just below the annual high of 5.7 billion US dollars on August 17.

Source: Skew

According to Datamish, there are currently around 29,000 long positions compared to almost 7,000 short positions. The majority of traders are bullish about the price development in the coming weeks.

Whales fill the wallets

On November 3, the Bitcoin exchange Binance recorded the largest BTC withdrawal in its history. As data from CryptoQuant shows, investors transferred 58,861 BTC on that day alone, with a current equivalent of $ 847 million.

Source: CryptoQuant

This makes Binance trendy. As the following graphic from Glassnode illustrates, the Bitcoin reserves on the stock exchanges have been falling rapidly since the beginning of the year.

Source: Glassnode

Investors withdraw their Bitcoin for safekeeping from exchanges. According to Whalemap, the immense BTC outflow at Binance could be due to increased whale activity replenishing their wallets.

On-chain activity is high. Large amounts of HODLer-Coins generate profits and go straight into the wallets of the whales.

This confirms the trend that has been emerging in investor behavior for months to accumulate BTC for safekeeping. However, given the rapid price gains and the associated profit-taking, this trend could gradually reverse. According to Glassnode, for the first time since March, the Hodler net position slipped back into negative territory. The development shows that long-term investors, in Bitcoin-speaking Hodler, are getting the coins they have held for a longer period of time in motion again.

Picture by Pixabay

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