Crypto News

Bitcoin Surges To $64.1K Before Minor Pullback: Onchain Activity Soars

Bitcoin’s recent rally took it to a peak of $64.1K, marking a significant milestone in its upward trajectory.

However, shortly after reaching this high, the cryptocurrency experienced a moderate retracement to around $59.8K. 

Despite the pullback, Bitcoin is now within striking distance of its all-time high of $68.7K, established back in November 2021.

The onchain activity on Bitcoin’s network has surged to levels not seen since 2022, underscoring the renewed interest and engagement within the crypto community.

Notable metrics include a staggering $35.37 billion in onchain transaction volume, the movement of 283K unique tokens, and the execution of 3,661 whale transactions valued at $1 million or more.

As Bitcoin’s rally unfolds, the overall crypto market cap has witnessed a commendable 12.1% growth over the past week, reflecting the broader uptrend in digital assets. 

Trading volume has also experienced a significant uptick, more than doubling compared to the previous week. Recent data from intotheblock highlights Bitcoin’s dominance in profitability, with 97% of its holders now in profit, outperforming the broader crypto market sentiment.

Check Out This Notable Bitcoin Purchase Right Before The Price Pump

On the on-chain front, reports from Lookonchain reveal intriguing transactions, including a sizable purchase of 1,000 $BTC from Binance prior to Bitcoin’s surge to $60K.

Meanwhile, the US Government has transferred a substantial amount of Bitcoin to new wallets, now holding a total of 200.16K $BTC.

However, amidst the bullish sentiment, a smart whale has opted to capitalize on recent gains, depositing 600 $BTC to take profits in the past three days. This strategic move has resulted in substantial gains, with total profits exceeding $165 million.

The influx of institutional interest is also evident in Bitcoin spot ETFs, with a significant net inflow of $673 million reported on February 28th. 

Notably, BlackRock IBIT’s trading volume reached a record $3.346 billion, underscoring the growing adoption of crypto investment vehicles.

Bitcoin spot trading volume on various exchanges, including Binance, Bybit, and Coinbase, has surged, with total volumes reaching levels not seen since the aftermath of FTX’s collapse. In summary, Bitcoin’s recent surge and heightened onchain activity signal a bullish trend, underpinned by increased institutional participation and growing investor confidence in the digital asset space.

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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