$34 Billion Worth of Bitcoin (BTC) Changes Hands in Epic Price Rally

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Bitcoin’s recent surge has captivated the financial world, breaking past the $64,000 mark for the first time in over two years and showcasing an almost 45% increase in 2024 alone. This unprecedented momentum, significantly attributed to the launch of new U.S. spot Bitcoin exchange-traded funds (ETFs), has infused the market with optimism. These ETFs have attracted over $7 billion in net inflows in just a few months, amplifying Bitcoin’s bullish trajectory.

The cryptocurrency’s remarkable journey saw it reaching $64,100, edging closer to the elusive record high of nearly $69,000. This rally is further bolstered by the anticipation of a halving event, promising a reduction in Bitcoin supply growth and potentially igniting further price hikes. As of now, Bitcoin stands at $62,651, having touched $63,675 in early trading, outperforming stocks and drawing traders with its volatility.

On the trading front, Bitcoin’s volume soared to its highest since the FTX collapse, with $34 billion worth of Bitcoin changing hands, signaling a vibrant and active market. The on-chain activity, including transactions, circulation, and significant whale movements, has surged, reaching new heights with $35.37 billion in on-chain transaction volume. Such dynamism is mirrored in the trading activity of spot Bitcoin ETFs, where volumes leaped to approximately $8 billion, reflecting the growing investor interest and confidence in Bitcoin’s potential.

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