Bitcoin’s trading volume surged to a highly-high as its market value peaked at $50k during the weekend frenzy, marking a +18% growth week.
While Ethereum also experienced a slight boost, most other trading volumes remained relatively stagnant in comparison.
🚨 JUST IN: #Bitcoin Hits $50k
First time since 12 months ago 🔥🚀— CoinEcho (@mycoinecho) February 12, 2024
Over the past three weeks, Bitcoin whales have been actively acquiring 140,000 $BTC, totaling $6.16 billion in purchases. This buying spree indicates strong confidence and bullish sentiment among large investors.
#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion! pic.twitter.com/ViRnYiJHmp
— Ali (@ali_charts) February 10, 2024
Grayscale’s report highlights that Bitcoin’s issuance is expected to halve around April 2024. This upcoming halving event is perceived differently due to fundamental on-chain activity and positive market structure updates.Â
Grayscale report: Bitcoin's issuance will halve around April 2024. Fundamental onchain activity and positive market structure updates make this halving different on a fundamental level. The continued adoption of Bitcoin ETFs could significantly absorb sell pressure. The advent of…
— Wu Blockchain (@WuBlockchain) February 11, 2024
The continued adoption of Bitcoin ETFs is seen as a significant factor in absorbing sell pressure, while the introduction of ordinal inscriptions has revitalized on-chain activity.
Grayscale anticipates that this halving will be unique compared to previous ones, primarily due to the robust underlying on-chain activity, including transactions and user engagement, as well as positive market structure enhancements.
9 Spot Bitcoin ETFs Have Bought Over 216,309 Bitcoin
According to HODL15Capital, nine spot Bitcoin ETFs have collectively purchased 216,309 Bitcoins valued at $10.3 billion in the 21 days since their launch. This surpasses MicroStrategy’s current holdings of 190,000 Bitcoins, reflecting a strong institutional appetite for Bitcoin investments.
According to HODL15Capital, nine spot Bitcoin ETFs have purchased 216,309 Bitcoins (worth $10.3 billion) in the 21 days since their launch, surpassing MicroStrategy’s current holdings of 190,000 Bitcoins. By @HODL15Capital pic.twitter.com/GiKqMj9b2L
— Wu Blockchain (@WuBlockchain) February 11, 2024
The surge in Bitcoin trading volume and the significant acquisitions by Bitcoin whales and ETFs underscore the growing confidence in Bitcoin’s long-term potential and its role as a store of value in the digital economy. As the cryptocurrency landscape continues to evolve, these developments could shape Bitcoin’s trajectory in the coming months and years.
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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