What’s Needed for Continued Growth in BTC Surge?
Bitcoin and other cryptocurrencies are currently seeing a surge of interest worldwide, driven by increased inflows and institutional demand. The price of the cryptocurrency Bitcoin has surpassed the $59,000 level at the time of writing this article. However, as a result of this increase, there is also a noticeable rise in investor speculation. Onchain data shows an increase in speculative activities among short-term holders. Similarly, Bitcoin derivative markets are observing a trend with futures and options open interest approaching all-time high levels
Glassnode Data Insights
According to the latest newsletter from Glassnode, it is clear that speculation in the cryptocurrency Bitcoin has reached new heights. Investors are experiencing a significant increase in speculative activities due to rising capital inflows, derivative leverage, and institutional interest. Bitcoin’s price is hovering around $58,800, maintaining most of its gains during this period. Additionally, the report also indicates that Bitcoin’s realized capitalization has increased by more than $30 billion since the beginning of the year, reaching $460 billion.
Measurements on the blockchain suggest a shift towards speculation, particularly among short-term holders. These investors have been consistently depositing over $2 billion daily to exchanges since mid-January, boosting exchange volumes. Additionally, the growing institutional interest in Bitcoin is highlighted by more than 90,000 Bitcoin inflows into spot ETFs. These inflows are expected to continue in the coming days.
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