The analysis platform IntoTheBlock shared, on November 3, a survey regarding the largest cryptocurrency on the market, Bitcoin.
The analysis observed that the related ratio between the amount of Bitcoin’s open contracts in perpetual swaps in relation to its market value (OI/MC). According to the platform, the proportion remained close to its lows recorded per year.
“This suggests that the recent price rise was led by spot volumes, suggesting more organic demand than derivative-fueled leverage,” he noted.
The ratio of Bitcoin’s open interest in perpetual swaps relative to its market cap (OI/MC) remains near its yearly lows. This suggests that the recent run-up in prices has been led by spot volumes, suggesting a more organic demand than derivatives-fueled leverage.… pic.twitter.com/YuwuD3kcz1
— IntoTheBlock (@intotheblock) November 3, 2023
The price of Bitcoin recorded significant increases in the month of October, driven by investor optimism in the US Securities and Exchange Commission’s approval of a spot Bitcoin ETF.
It is worth noting that the largest cryptocurrency on the market is attracting 90% of flows and accumulating US$296 million, according to data released by Coinshares this week. Additionally, there were $15 million inflows into Bitcoin short investment products.
At the time of publication, the price of Bitcoin was quoted at US$34,568.37, down 0.7% in the last 24 hours. The cryptocurrency has recorded a growth in its price of 25.7% in the last seven days.
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