With Bitcoin (BTC) reaching the $60,000 milestone, short-term holders have set a new all-time high in the volume deposited to crypto exchanges, according to Glassnode.
Crypto exchanges are witnessing an influx of short-term holders, who have consistently deposited over $2 billion worth of Bitcoin per day in volume since mid-January, whilst also setting a new maximum of $2.46 billion in volume deposited overall, a recent research report by Glassnode indicates.
As investors are holding huge amounts of unrealized profits since November 2022, the total volume of deposits and withdrawals has continued to expand, reaching $5.57 billion in daily volume flowing in and out of exchanges, analysts note.
![](http://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow-522x300.webp)
“The degree of speculation within the current market can also be seen by the extraordinarily high dominance of exchanges related in/outflows with respect to all on-chain volume.”
See Also: Bitcoin (BTC) Price Soared By 9%, Is $60K Target Possible Soon?
The data provided by the Switzerland-headquartered analytical blockchain firm indicates that over 78% of all economical on-chain volume is being directed to/from exchanges as Bitcoin keeps updating its heights.
However, the surge in activity is not solely attributed to the recent rally, as the introduction of new spot Bitcoin exchange-traded funds (ETFs) has also contributed to increased demand.
These ETFs have attracted approximately 90,000 BTC in net flows, totaling nearly $38 billion in assets under management.
“These ETF products have for the first time allowed institutional investors to gain exposure to the BTC asset via traditional rails, opening a new degree of freedom for demand and speculation.”
Analysts at QCP Capital anticipate Bitcoin’s realized volume to remain around 40%, suggesting that hitting the $60,000 mark is a natural target for the March expiry.
As of press time, Bitcoin is trading at $60,262.43, a level not seen since November 2021, according to Coinstats data.
![](http://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-30-483x300.png)
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
#Binance #WRITE2EARN
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.