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<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105600/ambcrypto_Prompt_-_An_intricate_financial_maze_suspended_in_the_c0cc8568-6ce2-41ff-a28e-eb6d1d6db64f.jpg" class="attachment-full size-full wp-post-image" alt="" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105600/ambcrypto_Prompt_-_An_intricate_financial_maze_suspended_in_the_c0cc8568-6ce2-41ff-a28e-eb6d1d6db64f.jpg 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105600/ambcrypto_Prompt_-_An_intricate_financial_maze_suspended_in_the_c0cc8568-6ce2-41ff-a28e-eb6d1d6db64f-300x225.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105600/ambcrypto_Prompt_-_An_intricate_financial_maze_suspended_in_the_c0cc8568-6ce2-41ff-a28e-eb6d1d6db64f-1024x768.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105600/ambcrypto_Prompt_-_An_intricate_financial_maze_suspended_in_the_c0cc8568-6ce2-41ff-a28e-eb6d1d6db64f-768x576.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li style="font-weight: 400;">On 6 December, Bitcoin traded momentarily above $44,000.</li>
 <li style="font-weight: 400;">The coin’s options open interest has clinched an all-time high.</li>
</ul>
<a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> price briefly surpassed the $44,000 mark during the intraday trading session on the 6th of December, reaching its highest level since April 2022.&nbsp;
This upswing coincided with a record-breaking increase in options open interest, hitting an all-time high of $20 billion, according to data from <a href="https://www.coinglass.com/options" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinGlass</a>.
<div id="attachment_81251" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81251" loading="lazy" class="wp-image-81251 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16.png" alt="" width="2560" height="1046" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16-300x123.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16-1024x418.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16-768x314.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16-1536x628.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105024/Screenshot-2023-12-07-at-06.20.16-2048x837.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Coinglass
</div>
BTC options open interest has risen steadily since the year began. Year-to-date, it has increased by over 6,500%. For context, as of 1st January, options open interest was $3 billion.&nbsp;
A spike in an asset’s options open interest suggests heightened investor activity by traders who prefer to hedge their holdings or speculate on future price movements.&nbsp;
This increased confidence in BTC’s current trajectory was further fueled by the liquidation of nearly $100 million in BTC shorts across centralized exchanges on 6th December.&nbsp;
This “short squeeze” occurs when traders who bet against BTC’s price rally are forced to buy back the asset, further driving up the price.
According to The Block’s data <a href="https://www.theblock.co/data/crypto-markets/futures/btc-liquidations" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">dashboard</a>, the month so far has seen an uptick in short liquidations on centralized exchanges as BTC’s price continues to chase record new highs.&nbsp;
<div id="attachment_81252" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81252" loading="lazy" class="wp-image-81252 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41.png" alt="" width="2560" height="1158" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41-300x136.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41-1024x463.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41-768x347.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41-1536x695.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105306/Screenshot-2023-12-07-at-06.22.41-2048x926.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: The Block
</div>
<h4>Miners book gains as BTC makes history&nbsp;</h4>
As BTC trades at an 18-month high, miners on the network have increasingly sold their coin holdings to realize profits, AMBCrypto found.
An on-chain assessment of miner activity revealed a decline in Miner Reserve since 1st December. 
BTC’s Miner Reserve measures the amount of coins held in miners’ wallets. It tracks coin exits from miners’ wallets. When the metric declines, it indicates that miners have begun to sell their holdings.
According to data from <a href="https://cryptoquant.com/asset/btc/chart/miner-flows/miner-reserve?miner=all_miner&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CryptoQuant</a>, BTC’s Miner Reserve has decreased by 25% in the last week. At press time, miners across the BTC network held 1.83 million coins.&nbsp;
<div id="attachment_81253" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81253" loading="lazy" class="wp-image-81253 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners.png" alt="" width="2560" height="1612" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners-300x189.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners-1024x645.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners-768x484.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners-1536x967.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07105413/Bitcoin-Miner-Reserve-All-Miners-2048x1290.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: CryptoQuant
</div>
Confirming steady coin exits from miners’ wallets, BTC’s Miner Netflow metric has been primarily negative since December began. When this is the case, it means that the miner reserve is experiencing a decline due to profit-taking activity.&nbsp;
Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24
<h4>Daily traders keep filling their bags</h4>
Key momentum indicators observed on a daily chart showed that BTC accumulation amongst spot traders continues non-stop. At press time, the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 74.86 and 86.48, respectively.&nbsp;&nbsp;
At these values, buying pressure significantly outpaced coin distribution.&nbsp;
<div id="attachment_81250" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81250" loading="lazy" class="wp-image-81250 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46.png" alt="" width="2368" height="1302" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46.png 2368w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46-300x165.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46-1024x563.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46-768x422.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46-1536x845.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07104856/ADAUSDT_2023-12-07_06-18-46-2048x1126.png 2048w" sizes="(max-width: 2368px) 100vw, 2368px"></a>
 Source: TradingView
</div>
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/bitcoin-options-surge-to-all-time-high-as-price-briefly-tops-44000/" data-wpel-link="internal" target="_self">Bitcoin options surge to all-time high as price briefly tops $44,000</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Bitcoin options surge to all-time high as price briefly tops $44,000

AMBCrypto

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