Bitcoin Hits $77K All-Time High as Institutional Demand Surges

On November 8, the price of Bitcoin hit its highest price for the third time since the US election, soaring to $77,239.75. The cryptocurrency has achieved a significant milestone, rising 10.07% over the past week. The asset’s 24-hour trading volume of $42.42 billion highlights sustained investor interest. Although it dropped by a marginal 0.83% from its peak, Bitcoin’s price still spiked by 0.83% in the last 24 hours, indicating that the market isn’t done with bullish sentiment yet.

Derivatives Data 

Interesting activity is shown by the data from Bitcoin’s derivatives market. Per CoinGlass, in the past 48 hours, Bitcoin has liquidated large amounts of positions, necessary to maintain the current bullish trend. Further, trades have gone down 13.53 percent, reduced to $60.33 billion. In contrast, open interest increased modestly by 0.50% to $46.83 billion, indicating continued market participant engagement. Options volume also dropped by 30.75%, as options open interest increased 1.72%.

Market dynamics are shown in liquidation figures. The past 24 hours totalled $35.73 million in liquidations. The majority of liquidated shorts ($25.36M) had been outnumbered by long positions ($10.37M). However, the $9.15 million in liquidations in the 12 hour window particularly deserves a mention, with shorts posting a margin of $6.26 million. This implies that positions which are being over leveraged are being cleared and that these could support a stabilization of market conditions.

Bitcoin ETFs Witness Record Inflows

The recent U.S. presidential election has had a notable impact on Bitcoin’s institutional demand. On November 4, Bitcoin ETFs experienced significant outflows of $541 million, reflecting investor uncertainty. 

However, following the election of a pro-crypto candidate, ETFs saw renewed interest. On November 6, inflows reached $621.9 million. The next day, Bitcoin ETFs recorded their largest-ever inflow of $1.378 billion, underscoring growing confidence among institutional investors.

Bitcoin’s Potential

The recent rally has fueled discussions about Bitcoin’s future as a store of value. VanEck’s CEO suggested that Bitcoin could reach $300,000, representing half of gold’s market cap. He emphasized Bitcoin’s role as a digital store of value, while noting that bipartisan support in the U.S. could further cement its position as an investable asset. Since the election, Bitcoin’s price has risen nearly 15%, reflecting strong market momentum and increasing institutional interest.

With Bitcoin’s price surging and record inflows into Bitcoin ETFs, confidence is growing among both retail and institutional investors. Liquidation data shows the clearing of over leveraged positions suggesting the market is primed for more sustainable growth.