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