In a groundbreaking move, the U.S. Securities and Exchange Commission (SEC) has given its approval for the listing and trading of 11 Spot Bitcoin ETFs, marking a significant milestone for the cryptocurrency asset class.
The decision comes after months of anticipation and speculation within the financial industry.
Renowned Bloomberg analyst James Seyffart reported that within the initial 30 minutes of trading commencement, the collective trading volume of the spot BTC ETF group surpassed an impressive $1.2 billion. Key contributors to this surge included GBTC with $446 million, IBIT with $389 million, and FBTC with $230 million, among others.
Bitcoin’s hash rate, a measure of its network’s processing power, has reached an all-time high (ATH) value of over 600 exahashes per second (EH/s). This robust growth signals the aggressive expansion of the network’s computational capabilities, with an astounding 600 quintillion guesses made per second to solve complex cryptographic puzzles.
The on-chain settlement volume has concurrently experienced an upswing, exceeding $5.7 billion in daily economical transfers. Exchange Flows mirror this trend, showcasing a daily influx/outflow of $4.6 billion. This underscores the escalating engagement and activity levels among investors in the cryptocurrency market.
Money continues to flow into the Bitcoin asset class, as indicated by the Realized Cap, currently standing at $438 billion, a mere 6.4% below its all-time high. Notably, this marks the most substantial 30-day percentage gain since December 2021, signaling a surge in fresh demand entering the market.
Both the Realized Price and Short-Term Holder Realized Price are on an upward trajectory, reflecting the repricing of coins to higher valuations and reinforcing the influx of new demand into the market:
🟠 Realized Price: $22.4K
🔴 STH Realized Price: $37.5K
🔵 LTH Realized Price: $20.9K
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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