|
|
Have you heard the news? Bitcoin's on-chain transaction volume has once again set a new record, reaching a whopping $1.2 trillion! This is the highest record in the past two years!
Just in September 2022, the price of Bitcoin was only around $20,000, and now the transaction volume has reached such a substantial figure, indicating a significantly increased level of Bitcoin activity. Looking back at 2023, except for December, Bitcoin's on-chain transaction volume had been unable to surpass the $1 trillion mark. However, according to analysts from Glassnode, Bitcoin's active supply hit a historic low in December last year, indicating that investors have considerable confidence in Bitcoin, seemingly awaiting the approval of a physically-backed Bitcoin ETF.
Glassnode's latest weekly report also pointed out that long-term Bitcoin holders are not rushing to sell their positions; they are facing market fluctuations with a calm attitude. This also indicates that the majority of Bitcoin holders still have faith in their investments, even though Bitcoin's volatility has not shaken their beliefs. Additionally, it's worth noting that Garry Thewise, the Head of On-chain Data Products at CryptoQuant, tweeted yesterday, stating that compared to centralized exchanges, the trading volume of ETFs has occupied a considerable proportion. Once the trading volume of ETFs surpasses that of centralized exchanges, the impact of large institutions on the price of BTC will be even more significant than it is now.
According to data, the total trading volume of nine Bitcoin spot ETFs on the 2nd reached $1.018 billion, while, in comparison, the Bitcoin spot trading volume on centralized exchanges was $1.4 billion. Such data clearly indicates that the trading volume of Bitcoin spot ETFs is approaching that of centralized exchanges, fueling greater anticipation for future developments. |
|
Post time 18-2-2024 08:04:30