According to Glassnode's latest 'Weekly On-Chain' report, BTC surged to a historic high on November 6 and is expected to rise further, especially with a significant influx of institutional and retail capital and increased market volatility.
This milestone surge occurred with a total monthly net capital inflow of $2.5 billion, and over the past 30 days, BTC's actual market capitalization has increased by 3.8%.
Driven by new capital entering the market, the actual market capitalization of BTC (RealizedCap) has now reached a record $656 billion.
The options market reflects BTC's upward momentum, with open interest nearing historic highs at $25.2 billion, just shy of the record high of $30.2 billion set in March.
At the same time, options trading volume surged to $2.9 billion, reflecting increased investor interest in BTC's future price movements.
The report noted that the ratio between put options and call options is nearly even, indicating that investors are preparing for potential gains and downside risks.
The report also highlighted that the volatility risk premium (VRP) is currently at 27.9%, indicating that traders expect significant price fluctuations in the future.
The increase in implied volatility of short-term BTC options reflects that the market is preparing for turbulent trends, suggesting that the crypto asset space may see further price increases or fluctuations in the coming days.
Demand for BTC ETFs has been a significant driver of capital inflows, and this week that demand has shown a mixed trend.
From November 4 to November 5, nearly $658 million flowed out of BTC ETFs listed in the U.S., as investors remained cautious about potential market volatility after the elections.
However, throughout the past week, BTC ETFs recorded over $2.2 billion in inflows, indicating that as BTC's price surged, investor interest in these products remained high.
Meanwhile, the ETF 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 may signal that the strong inflows from the past week will continue in the coming days.
According to Glassnode, reaching a historic high could attract more ETF investors, especially those drawn in by BTC's strong upward momentum.
