Bitcoin spot volumes confirm crypto markets’ ‘euphoric’ phase — Glassnode.
As market participants await the Bitcoin halving event, which is expected to send BTC’s price higher, investors’ speculative interest in the crypto market has risen to levels seen in the 2021 bull run, according to a Glassnode report. This increases the chances of a substantial directional price move.
The market is in a state of euphoria
Bitcoin’s BTC tickers down $69,094 price continues its impressive performance in 2024, with the flagship cryptocurrency hitting new all-time highs in March. BTC spot trading volume has soared since the spot Bitcoin ETFs began trading in the U.S. on Jan. 11, with daily volumes peaking in March. Glassnode noted that the market has “transitioned into a euphoric phase,” with profit-taking climbing considerably.
Data suggests Bitcoin’s bullish momentum has been building up since October 2023 as the market was pushed into a high liquidity and volatility regime.
The crypto analytics firm reported that BTC’s year-to-date performance is supported by “strong demand” in spot markets, mirroring a similar structure seen during the 2021 bull run.
Bitcoin’s flow in and out of exchanges has also increased significantly since July 2023. Glassnode data shows that the monthly average of total inflows and outflows from exchanges is currently at $8.19 billion per day, substantially higher than the 2021 bull market peak
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