Bitcoin (BTC), the largest digital asset by market capitalization, is approaching the $70,000 price mark, trading at $68,895.95 at press time, up 1% over the past 24 hours. The market leader is just 6.63% away from its all-time high of $73,750 and looks set to break through the resistance zone ahead. Meanwhile, open interest (OI) for Bitcoin futures has also hit a record high of $40 billion.
According to data from Coinglass, the record high open interest for BTC futures is 586,260 BTC ($40.67 billion), up 2.88% over the past 24 hours. The Chicago Mercantile Exchange (CME) holds the largest share of this OI with 180,750 BTC, followed by Binance, the leading digital asset trading platform by volume, with 120,500 BTC.
Increasing OI levels indicate strong sentiment around the current market trend, suggesting a short-term continuation. Increasing OI indicates money is flowing into the market, increasing the likelihood of further price increases.
Ethereum Accumulated Addresses Hit New High
Analyst Burak Kesmeci noted that as of October 18, the total amount of ETH held in accumulation addresses had exceeded 19 million, nearly double the 11.5 million ETH in January. He predicts this number will exceed 20 million by the end of the year.
Kesmeci attributed the surge in accumulation addresses to the SECâs approval of Ethereum spot exchange-traded funds (ETFs) in the United States in May. He believes the total value in these addresses could exceed $80 billion if ETH hits $4,000.
In a post on X (formerly Twitter), meme coin enthusiast Murad Mahmudov said the âkeyâ to making money in the crypto market is to buy top meme coins and hold them for the long term. This can be challenging, as investors often react to market fluctuations and FOMO, leading to emotional buying and selling.