Bitcoin Rallies to $68,000 as Open Interest Hits Record High

The cryptocurrency market traded higher on Wednesday, pushing the total crypto market capitalization to $2.45 trillion.

Bitcoin (BTC) surged 2.15%, reaching $68,180, while Ethereum (ETH) inched up 0.2% to $2,641. Solana (SOL) and Polkadot (DOT) also gained, rising 2% and 1%, respectively.

Open interest in Bitcoin futures has risen sharply since the beginning of October. After climbing to $35.6 billion in September, it now stands at an all-time high of $39 billion as of Oct. 16, according to CoinGlass.

The total number of Bitcoin futures contracts reached 582,840, marking the highest level since January 2023, indicating increasing demand for BTC derivatives.

QCP Capital, a digital asset trading firm, said BTC remains resilient above the $65k level as betting markets point to higher odds of Trump’s win.

“Crypto assets have been positively correlated to a Trump victory as his crypto policies are much friendlier and more supportive than Kamala Harris’,” the firm wrote.

A report from Coinbase Institutional and Glassnode pointed out that on-chain activity and trading volumes in the crypto space have surged this year.

The report found that Bitcoin’s average monthly trading volumes hit $2 trillion in 2024, up 76% compared to the previous year. “Open interest in bitcoin derivatives averaged $44 billion in Q3 2024,” said the analysts.

Tesla Moves $765 Million in Bitcoin

Tesla, the electric vehicle giant owned by Elon Musk, has moved almost all of its Bitcoin holdings — worth around $765 million — after two years of inactivity. The company’s wallets, labeled by Arkham Intelligence, show the funds being transferred to unknown wallets, which are not linked to major crypto exchanges.

Tesla initially purchased $1.5 billion of Bitcoin in 2020. After selling 10% of its holdings in early 2021, Tesla sold 75% of its remaining Bitcoin in July 2022, when the price of BTC was down to $24,000 from its peak of $69,000 in November 2021.

Meanwhile, U.S. stocks rallied on Tuesday. The Dow Jones Industrial Average gained 0.6%, while the S&P 500 added 0.3% and the Nasdaq remained unchanged.