Connect with us

Hi, what are you looking for?

Criptomonedas

Glassnode reports an influx of short-term holders inundating crypto exchanges

Bitcoin has recently soared to new heights, hitting the $58,000 milestone and attracting the attention of short-term holders who are flooding centralized exchanges with increasing volume, as reported by Glassnode.

The surge in the crypto market has led to a significant influx of short-term holders, depositing over $2 billion worth of Bitcoin daily since mid-January. This trend has culminated in a record-breaking total of $2.46 billion in deposited volume, as detailed in a recent research report by Glassnode.


Short-term holders are flooding crypto exchanges, Glassnode says - 1
Bitcoin exchange inflow examined by cohort | Source: Glassnode

With many investors holding substantial unrealized profits since November 2022, the total volume of deposits and withdrawals on exchanges has continued to rise, now reaching $5.57 billion in daily flow, according to analysts.

Recent data analysis by the Swiss-based blockchain analytics firm has revealed that over 78% of all on-chain volume is now directed to or from exchanges amid Bitcoin’s ongoing upward trajectory. The market activity is not solely driven by the current rally; the introduction of new spot Bitcoin exchange-traded funds (ETFs) has also played a crucial role, attracting approximately 90,000 BTC in net flows with a total asset under management of nearly $38 billion.

Projections by analysts at QCP Capital suggest that Bitcoin’s realized volume will likely remain around 40%, indicating a possible milestone of $60,000 by the March expiry. At the time of writing, Bitcoin is trading at $58,692, a level unseen since November 2021, according to CoinMarketCap.

As market dynamics continue to evolve, it is essential for investors and traders to stay informed about the latest trends and developments in the cryptocurrency space. With the growing interest in Bitcoin and other digital assets, understanding the factors driving market activity is key to making informed decisions and capitalizing on investment opportunities.

Moreover, the increasing adoption of blockchain technology and digital currencies is reshaping the financial landscape, opening up new avenues for innovation and disruption. As the crypto market continues to mature, it is crucial for stakeholders to keep abreast of regulatory changes, market trends, and emerging technologies to navigate this evolving ecosystem successfully.

Overall, the rise of Bitcoin to unprecedented levels and the surge in market activity underscore the growing interest and demand for digital assets among investors globally. With the crypto market gaining mainstream acceptance and institutional support, the future of cryptocurrencies appears promising, as they continue to revolutionize the financial industry and redefine the concept of value exchange in the digital age. Stay tuned for more updates and insights into the dynamic world of cryptocurrencies and blockchain technology.

.

Written By

Click to comment

Leave a Reply

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

También te puede interesar

Criptomonedas

Tabla de Contenidos Which are the best cryptocurrencies for mining with ASICs in 2024, and how much can miners expect to earn? The global...

Criptomonedas

Tron founder Justin Sun made headlines today by revealing his massive holdings in the cryptocurrency market, showcasing his personal HTX account with assets worth...

Criptomonedas

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), recently responded to inquiries from legislators regarding a security incident involving the...

Criptomonedas

Cybercriminals stole more than $104 million worth of cryptocurrency in February, reflecting a 42% decrease from the previous month. According to data compiled by...