Crypto News

Bitcoin Trading Volume Surges As Market Value Tops $50K

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.

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.

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. 

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: ximagination/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *