Bitcoin surged to yet another all-time high, reaching $72,764, signaling a robust bull market. Notably, a significant influx of dormant coins is re-entering circulation, reinforcing the bullish sentiment.
Despite the remarkable price performance, discussions surrounding Bitcoin remain relatively subdued, suggesting potential for further price gains.
đĽłđ #Bitcoin has hit another #AllTimeHigh of $72,764. Massive dormant coins are moving back into circulation, which is a primary validator of a #bullmarket. $BTC discussions are low relative to price performance, a sign that prices can continue climbing. https://t.co/LEXPRQg6uc pic.twitter.com/LP1nAyhGz3
— Santiment (@santimentfeed) March 11, 2024
The average age of investments has seen a notable 15.1% drop in under five months, indicating a resurgence in dormant Bitcoin moving back into circulation, a trend commonly observed during bull cycles.
MicroStrategy, a prominent institutional investor, continued to bolster its Bitcoin holdings, acquiring an additional 12,000 BTC valued at $821.72 million between February 26 and March 10.Â
đ¨ NEWSFLASH: As of March 10, 2024, MicroStrategy holds a total of 205,000 BTC , which were purchased at an average cost of approximately $6.91 billion, translating to an average acquisition cost of $33,706 for each #Bitcoin. pic.twitter.com/ER6Oyvxz7N
— CoinEcho (@mycoinecho) March 11, 2024
With a current holding of 205,000 BTC valued at $9.9 billion, MicroStrategy’s average buying price stands at $33,706, resulting in substantial profits of up to $7.9 billion at current prices.
MicroStrategy bought another 12K $BTC($821.72M) at $68,477 from Feb 26 to Mar 10!#MicroStrategy currently holds 205K $BTC($9.9B), and the average buying price is $33,706.
At current prices, the profit is ~$7.9B!https://t.co/Wa2y09pv6F pic.twitter.com/12ZjBsZOvn
— Lookonchain (@lookonchain) March 12, 2024
In recent hours, a significant whale withdrew 2,050 BTC, worth $147.67 million, from Kraken, adding to the ongoing movement of significant amounts of BTC from exchanges.Â
This whale withdrew 2,050 $BTC($147.67M) from #Kraken again 10 hours ago.
And he has withdrawn 10,340 $BTC ($742.98M) from #Kraken since Mar 1.https://t.co/Sg0jd05x3q pic.twitter.com/XHk0X6wl6f
— Lookonchain (@lookonchain) March 12, 2024
Since March 1, this whale has withdrawn a total of 10,340 BTC, amounting to $742.98 million, from Kraken alone.
$30 Billion In Long Position Faces Liquidation Fears
Analyst Ali Martinez warns of potential liquidations amounting to $30 billion in long positions across the industry if Bitcoin were to dip to $50,500, underscoring the strong bullish sentiment prevailing in the market.
An estimated $30 billion in long positions could face liquidation industry-wide if #Bitcoin falls to $50,500! pic.twitter.com/Q73x7PZdck
— Ali (@ali_charts) March 11, 2024
Furthermore, data from SoSoValue reveals significant activity in Bitcoin spot ETFs, with total net inflows reaching $505 million on March 11. While GrayscaleETF GBTC experienced a single-day net outflow of $494 million, BlackRockETF IBIT and FidelityETF FBTC saw single-day net inflows of $562 million and $215 million, respectively.Â
According to SoSoValue, total net inflows into Bitcoin spot ETFs on March 11 were $505 million. GrayscaleETF GBTC had a single-day net outflow of US$494 million. The single-day net inflow of BlackRockETF IBIT was US$562 million, and the single-day net inflow of FidelityETF FBTCâŚ
— Wu Blockchain (@WuBlockchain) March 12, 2024
The total net asset value of Bitcoin spot ETFs currently stands at $58.36 billion, reflecting continued investor interest in Bitcoin-backed investment products.
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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