Bitcoin futures open interest (OI) has risen significantly, jumping from $39 billion on Nov. 5 to $60.9 billion following Donald Trump’s presidential election victory. Data from Coinglass reveals this increase signals heightened trading activity and market speculation. Bitfinex analysts attribute the rise to organic growth driven by expectations of future price gains. They noted that the leverage build-up, while substantial, does not indicate an imminent market correction. A slight dip in OI occurred around Nov. 22 near the $94,000 level, where significant orders were executed. Analysts described this as a normal pullback, with prices retesting the $93,000 range.

Gracy Chen, CEO of Bitget, believes Trump’s victory acted as a catalyst for the surge in leverage. She stated that this reflects confidence in Bitcoin’s prospects under Trump’s administration. However, Chen cautioned that corrections, including long squeezes, are likely due to Bitcoin’s inherent volatility, which can help stabilize the market when leverage becomes excessive.

In parallel, Ethereum has emerged as a standout performer in the cryptocurrency market. On Nov. 27, Ethereum’s price rose more than 5%, reaching $3,600. Analysts at QCP Capital pointed to a capital rotation from Bitcoin to Ethereum as a key driver of this growth. The ETH/BTC pair climbed 17.8% in the past week to reach a ratio of 0.03760, with analysts suggesting Ethereum is on track to test the 0.0400 level.

Ethereum exchange-traded funds (ETFs) have also experienced strong inflows, with $90.1 million added on Nov. 27, marking a four-day winning streak. QCP Capital analysts noted that Ethereum’s recent performance could lead to a retest of its all-time high of $4,868, representing a potential upside of 35.4% from current levels.

The global cryptocurrency market capitalization increased by 2.1% over the last 24 hours, reaching $3.4 trillion. Bitcoin’s market dominance stands at 54.7%, while Ethereum accounts for 12.4%. However, Bitcoin dominance has slightly declined as more investors diversify into Ethereum and other assets.

Bitfinex analysts view the growth in leveraged Bitcoin futures as a sign of a maturing market. They emphasized that the OI surge reflects positive sentiment and institutional involvement, underscoring Bitcoin’s role in price discovery and integration into traditional financial systems.

Bitcoin and Ethereum’s recent performance highlights strong investor confidence, influenced by political developments and technical and regulatory improvements. These factors continue to shape the evolving dynamics of the cryptocurrency market.