Do not invest unless you are willing to lose all the money you invest. This is a high risk investment and you should not expect to be protected if something goes wrong.
Join our Telegram channel to stay up to date on breaking news coverage
bitcoin recorded on-chain volume during the month of January that was higher than any month since September 2022 and more than triple the amount recorded in September of last year, according to data compiled by The Block.
bitcoin's volume surge during January marks the fourth consecutive month of gains, as data shows $1.21 trillion worth of bitcoin moved on-chain. This is also the largest amount since btc was trading at around $20,000 in September 2022.
bitcoin volume in January is also more than three times the $550 billion in btc that moved in September of last year.
<img decoding="async" alt="bitcoin bounces above $43,000 and turns positive for 2024″ src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-Surge-in-January-Reaching-Highest-Level-Since.jpeg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-Surge-in-January-Reaching-Highest-Level-Since.jpeg" alt="bitcoin bounces above $43,000 and turns positive for 2024″/>
bitcoin ETF Anticipation Pushed Monthly btc Volumes Above $1 Trillion
bitcoin It failed to surpass $1 trillion in volume in every month last year except December. The recent break above this threshold could be attributed to the early launch of bitcoin ETFs (exchange-traded funds) in the US, which occurred on January 11.
Glassnode analysts also said in a January 30 report report that long-term bitcoin holders currently do not seem willing to part with their coins. Instead, the analysts wrote that these investors “seem to be calmly riding the waves of the market.”
A positive change in the dynamics of bitcoin ETFs
On-chain volume is not the only one btc metric that has increased in January. Asset managers BlackRock and ProShares saw their respective ETFs record higher trading volumes than GrayScale's GBTC fund for the first time since its launch in January.
As of February 1, BlackRock's IBIT had a trading volume of $306 million, while ProShares' BITO recorded a volume of $298 million. This exceeded $291 million in GBTC transactions, according to a CoinDesk report.
There are still some after-hours trades, but it looks like BlackRock's $IR It is the first ETF that trades more than Grayscale's $GBTC in one day.
However, today's total trade was a bust: $924 million, the first day under $1 billion in volume for the group since its launch. https://t.co/IeIF2COm4F pic.twitter.com/ZtADLBQP63
-James Seyffart (@JSeyff) February 1, 2024
Related Posts:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
Join our Telegram channel to stay up to date on breaking news coverage
