Recent data indicates a significant surge in Bitcoin fund holdings by institutional investors, suggesting a growing interest and accumulation of the cryptocurrency amidst its continuous price ascent.
Glassnode’s recent report highlights the Bitcoin spot price finding substantial support at $25.5K, known as the Adjusted Realized Price. This level assumes importance due to the severe bear market that followed a clear break below it in June 2022. However, the recent breach above this level has triggered a positive price return for Bitcoin.
Presently, Bitcoin is positioned above the 200MA and is undergoing consolidation within a narrow range of $29,400 to $31,000. Based on price action, a breakout above the $31,500 level could potentially propel a bull run towards $34.3K, representing a -50% Fibonacci retracement.
Data from intotheblock reveals Bitcoin’s current trading value to be approximately $30,200. Notably, 72.08% of addresses are experiencing profits, 23.59% are encountering losses, while 4.33% are at breakeven prices. Noteworthy is the recent filing of Bitcoin ETF applications by two major asset management firms, BlackRock and Wisdom Tree, on June 15th and June 21st, respectively. This move occurred when Bitcoin was receiving support from its 200MA, instilling confidence in investors and leading to a price surge of over 15%.
Simultaneously, data indicates a significant rise in Bitcoin exchange volume, soaring from $875 million to $2.24 billion year-to-date, indicating a growth rate of 164%. However, the current volume remains $3.86 billion (or 63.3%) lower than the all-time high of $6.1 billion witnessed during the primary Bull Market of 2021, when Bitcoin was trading above $60,000.
Additionally, Todayq news has reported a substantial accumulation of 1.01 million Bitcoin between December 2021 and the present day, spanning a period of 602 days. The current market capitalization of Bitcoin stands at around $583.43 billion, approximately 45% lower than its all-time high of around $1.28 trillion recorded during the bull market, when Bitcoin was trading at approximately $69,000.
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