Bitcoin has solidified its position as a global powerhouse, now ranking as the 8th largest asset by market capitalization at an impressive $1.786 trillion.
Bitcoin is now the 8th largest global asset by market capitalization, valued at $1.786 trillion. 🌍
What's your EOY prediction for $BTC?👇 pic.twitter.com/CrgWzq2JP3
— IntoTheBlock (@intotheblock) November 18, 2024
With $BTC hovering around $90,000, analysts suggest the cryptocurrency may be entering a distribution phase. Historical data reveals that Bitcoin’s “new ATH discovery” phase typically lasts 22 days, with the current rally already at day 18.
$BTC is dancing around $90,000, hinting at a possible distribution phase.
With 95% of supply in the green, history shows the "new ATH discovery" phase usually spans 22 days—and we're already on day 18.
Glassnode’s insights point to a pivotal moment for price shifts and investor… pic.twitter.com/gY3DFyHm5d
— Kyledoops (@kyledoops) November 18, 2024
Glassnode reports indicate this is a critical juncture for price dynamics and investor sentiment. On Coinbase, buyer activity remains robust, with the daily Cumulative Volume Delta (CVD) nearing March’s $152 million peak, driven by $143 million in recent buying pressure. Since July, Bitcoin’s rallies have consistently reflected strong buy-side demand, underscoring the vitality of the spot market.
Coinbase's daily Cumulative Volume Delta (CVD) chart shows a surge in buyer pressure, with $143M quickly approaching March's $152M peak.
Since July, #Bitcoin rallies have consistently matched strong buy-side interest on Coinbase, underscoring robust spot market demand at this… pic.twitter.com/kgKkHPujFA
— Kyledoops (@kyledoops) November 17, 2024
Institutional interest in Bitcoin is surging. MicroStrategy recently announced its largest acquisition to date, purchasing 51,780 BTC for $4.6 billion. This brings its total holdings to 331,200 BTC, representing 1.674% of Bitcoin’s total supply, with a realized price of $49,874 per BTC.
MicroStrategy Announces Its Largest Purchase Yet: $4.6 Billion for 51,780 $BTC!
“This mega-deal brings significant updates to the stats:
– BTC Holdings: from 279,420 #BTC to 331,200 BTC
– MSTR Realized Price: from $42,692 to $49,874
– MSTR MVRV: from 2.12 to 1.80
– Percentage… pic.twitter.com/gNT4IY1fX9— CryptoQuant.com (@cryptoquant_com) November 18, 2024
Dormant Wallets Gets Active As Spot ETFs Records Massive Growth
Dormant wallets are also reawakening. A wallet inactive for 12 years moved 400 BTC (valued at $35.8 million), while others transferred 600 BTC ($46 million) to Bitstamp in the past month. These movements highlight renewed interest among long-term holders.
A wallet holding 400 $BTC (then: $2,091, now: $35.8M) woke up after 12 years of dormancy 5 hours ago!
Along with two other wallets, it deposited 200 $BTC ($17.9M) to #Bitstamp and transferred 351 $BTC ($31.5M) to a new wallet.
Notably, these wallets have moved a combined 600… pic.twitter.com/kYJqtKCYqD
— Spot On Chain (@spotonchain) November 18, 2024
Spot ETFs are playing a pivotal role in Bitcoin’s momentum. ETF holdings have increased by 425,000 BTC since January, climbing from 3.15% to 5.33% of the total supply. Last week alone, spot ETFs saw net inflows of $1.67 billion, with BlackRock’s IBIT ETF contributing $1.89 billion.
$BTC spot ETF holdings have surged by 425K BTC since January, increasing from 3.15% to 5.33% of the total supply.
This accumulation correlates with price increases in March and November, suggesting that further accumulation could drive price growth.
The adoption of #Bitcoin as… pic.twitter.com/zEI5y5tlUs
— Kyledoops (@kyledoops) November 18, 2024
As Bitcoin’s adoption as a reserve asset accelerates, institutional accumulation could further propel its price, marking a new era of mainstream integration.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: thodonal/123RF // Image Effects by Colorcinch
