Bitcoin’s recent surge to an all-time high of $104,000 awakened long-term holders, who added selling pressure that briefly pulled prices back to $90,000.

With dormant BTC re-entering the market, heightened volatility is expected to persist.

In the options market, traders are recalibrating following Bitcoin’s climb past $100K. Options Open Interest (OI) rose to $37.3 billion on December 8, up from $33.5 billion the previous week, signaling renewed hedging activity.

However, this figure remains below November’s peak of $45.4 billion. Similarly, options volume recovered to $3.03 billion on December 8 but still trails November’s highs of $4.86 billion, reflecting a focus on targeted risk management rather than broad market participation.

The futures market confirms robust speculative activity. Futures Open Interest spiked to $50.6 billion on December 8, with daily trading volumes reaching $67 billion. These numbers indicate traders’ growing appetite to capitalize on Bitcoin’s momentum and volatility.

Institutional Interest For Bitcoin Soars Through The Roof

Institutional activity is also in the spotlight. The Royal Government of Bhutan transferred 402 BTC ($39.56 million) to QCP Capital just 35 minutes ago. Since Bitcoin’s rally in late October, Bhutan has sold 1,696 BTC ($139 million) at an average price of $81,999 through Binance and QCP Capital. The government still holds 11,400 BTC ($1.12 billion) across seven known wallets, making it the world’s fourth-largest government Bitcoin holder.

Additionally, Bitcoin spot ETFs saw a net inflow of $2.73 billion last week (December 2–6), the second-highest weekly inflow on record. BlackRock’s IBIT ETF alone accounted for $2.63 billion, underscoring growing institutional interest in Bitcoin as an investment vehicle.

As Bitcoin continues to hover near record highs, market participants remain vigilant amid intensified activity from both institutional and long-term holders.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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