The Largest Value of BTC Moved on-Chain Since September 2022
In January 2024, the largest amount of value in Bitcoin (BTC) was moved on-chain since September 2022, according to data from The Block. This indicates a significant increase in transaction volume compared to previous months.
Traders Anticipate Spot Bitcoin ETF Approval
Bitcoin failed to surpass $1 trillion volume in every month of 2023 except December. However, with the anticipation of spot Bitcoin ETF approval, traders are eagerly awaiting this milestone. The approval of these ETFs seems to be driving an increase in transaction volume.
Record-Breaking Low Active Supply
The record-breaking low active supply of Bitcoin suggests that long-term holders are unwilling to part with their coins at this time. These holders are calmly riding the market waves and maintaining a strong hold on their assets.
Decrease in Monthly Transactions
Data from The Block shows that monthly transactions on the Bitcoin network actually fell between December 2023 and January 2024. This further supports the idea that long-term holders are holding onto their coins instead of actively trading them.
Hot Take: Bitcoin Transaction Volume Surges as Value Moved on-Chain Reaches Record High
In January 2024, Bitcoin transaction volume experienced a surge as the largest value ever was moved on-chain since September 2022. This increase in transaction activity comes as traders eagerly anticipate spot Bitcoin ETF approval. Additionally, the record-breaking low active supply indicates that long-term holders are holding onto their coins instead of selling them. Despite a decrease in monthly transactions between December 2023 and January 2024, the overall trend points to increased transaction volume and market activity in the crypto space.
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