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., with daily volumes peaking in March. Glassnode noted that the market has “transitioned into a euphoric phase,” with profit-taking climbing considerably.
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.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.
Glassnode expects new capital to flow into Bitcoin since “profit taken by one investor is matched by inflowing demand from the buying party on the other side.” The aggregate share of coins younger than 6 months has increased sharply since early 2023, rising to 47% up from 20% on Jan. 1, 2023. This metric reached between 84% and 95% during the last bull markets.
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