Bitcoin’s Key Indicators Point to Bullish Trends
Market participants are anticipating several positive events:
1. ETF on spot Bitcoin
2. Shift in the FED’s monetary policy
3. Halving in April 2024
These upcoming events are driving demand for crypto, pushing Bitcoin to its highest level in 18 months — $37,000.
In addition to this growth, some less obvious indicators show that the crypto world is booming. Let’s check them out!
1. Over the past 30 days, net capital inflows into digital assets have totaled $11 billion. This is the best result in 2023.
2. Institutional capital inflows into crypto funds over the past six weeks have reached $767 million, surpassing the entire year of 2022 at $736 million.
This performance is the strongest since the end of 2021 when the bull market began to decline.
3. The number of addresses holding $1,000 or more worth of BTC has now exceeded 8 million.
4. Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) stands at $3.7 billion, showing its best level since December 2021.
5. Bitcoin’s network hashrate has increased by 75% this year, reaching 470 EH/s, which surpasses the 50% growth seen throughout the previous year.
Disclaimer:
Cryptocurrencies involve complexity and carry a high risk of rapid monetary loss due to volatility and changing regulatory landscape. It’s crucial to ensure you understand how cryptocurrencies operate and can withstand the potential high-risk scenario of losing your assets.
This campaign is not region-specific and should not be interpreted as an invitation to engage in cryptocurrencies operations.
