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Bitcoin (BTC) has recorded massive growth in price amid institutional inflows this year following spot #ETF approval by the United States Securities and Exchange Commission (SEC).
New data by on-chain analytics firm CryptoQuant shows bullish sentiment toward the market leader in recent weeks resulting in a price uptick.
According to the data, there is an increasing amount of #Bitcoin Unspent Transaction Output (UXTO) in the market ranging from 1000 to 10,000 #BTC. Â
These figures have increased steadily from Q4 2023 on the heels of institutional inflows into Bitcoin as the market hoped for imminent approval by the #SEC.
The inflows led to a price rally wiping out 2022 losses and ushering in a new bullish outlook on the market. In December 2023, the price of the asset hit $42,000 with several analysts pointing to a $50,000 price post-approval.
On the institutional front, inflows hitting millions were recorded in many products boosting Bitcoinâs Assets Under Management (AUM) to over $36 billion.
