Key Points
- Bitcoin [BTC] has set a new all-time high in Open Interest, reaching $45.8 billion.
- The NUPL metric suggests that the current bull run is still in its early stages.
Bitcoin [BTC] has reached a new all-time high as the U.S. presidential election concluded, with Donald Trump emerging as the victor.
Historical data indicates that November and December could be particularly bullish months for cryptocurrencies.
Open Interest Hits New Record
Despite CryptoQuant founder Ki Young Ju’s prediction of a maximum 30%-40% gain, Open Interest has set a new record at $45.8 billion.
Bitcoin also hit a new high at $76.4k, indicating strong bullish sentiment.
On-chain metrics, however, have not yet reached cycle top levels.
Over the past three years, Open Interest has been steadily rising.
The rally from October 2023 to March 2024 increased the OI from $11.9 billion to $38 billion.
This record was broken on October 17th and then again on November 7th.
NUPL Indicates Early Bull Run Stage
The Net Unrealized Profit and Loss (NUPL) currently stands at 0.559.
It was at a similar level in December 2016, when Bitcoin was valued at $900, and in November 2020, when BTC was trading at $15.4k.
The NUPL has reached a high of 0.793 and 0.748 in the past two cycles.
A reading of around 0.7 would indicate that a significant number of investors are profiting and that the bull run may be nearing its end.
However, it is still early days, and it remains to be seen whether BTC will peak after just a 30%-40% increase.
