Bitcoin Open Interest (OI) reached a record $45.41 billion on November 6, following a significant price increase as Bitcoin hit $75,000. This marks a 13.29% rise since November 5, when Bitcoin surpassed its previous all-time high of $73,800. OI reflects the total number of unsettled Bitcoin derivatives such as options and futures, and current trends indicate traders do not expect a price retracement to earlier highs. At the time of reporting, Bitcoin was trading at $75,792, prompting speculation of further growth. Analysts, including veteran trader Peter Brandt, noted that Bitcoin is in the optimal range for continued market growth, with potential targets set between $130,000 and $150,000 by mid-2024. Despite concerns about overvaluation among newer investors, some analysts argue it is still early in the adoption phase, suggesting that the market remains unexploited. The Market Value to Realized Value (MVRV) ratio is currently at 2.19, indicating it is not overheated compared to the ratio of 2.87 observed at the last all-time high in March.

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