Bitcoin, surpassing $64,000 for the first time in more than two years on Wednesday, marking a nearly 45% gain in 2024. Moreover, this time, there is a feeling in the market that things could be different.
New US spot Bitcoin exchange-traded funds are creating market turmoil for the leading cryptocurrency, attracting over $7 billion in net inflows in just two months, contributing to its bullish price.
A five-day rally pushed Bitcoin as high as $64,100 on Wednesday, close to a record high of nearly $69,000. The upcoming decline in BTC supply, or halving, is also one of the critical factors behind this rise.
As Koinfinans.com reported, BTC increased by 5.85% to $62,651 in the last 24 hours, after reaching an intraday high of $63,675 early on Thursday.
Bitcoin’s year-to-date gains have outpaced stocks, extending a trend that has continued since 2023. This momentum attracted investors seeking volatility.
According to Kaiko, BTC trading volume reached its highest level since the FTX meltdown during Wednesday’s trading session, totaling over $34 billion.
Bitcoin Network Activity and ETF Volumes Explode
Santiment found that there was a huge increase in BTC on-chain transaction volume, circulation and whale transactions as the price increased. did.
As Bitcoin surges above $64,000, activity on its network has reached levels not seen before 2022, according to Santiment. On-chain transaction volume reached $35.37 billion, with 283,000 unique tokens moved and whale transactions worth more than $1 million reaching 3,661.
BlackRock Inc. Overall trading activity in spot Bitcoin ETFs, including products from companies such as Fidelity Investments Inc. and Fidelity Investments, increased significantly on Wednesday, reaching nearly $8 billion, as Bitcoin surged towards record highs.
