Recent findings from Glassnode suggest that investor interest in cryptocurrencies has surged, reminiscent of the fervor seen during the 2021 bull run. This resurgence coincides with the approaching Bitcoin halving event, sparking anticipation of a substantial price shift in the near term.
Analysis of data indicates a steady buildup of bullish momentum in Bitcoin since October 2023, leading to a period marked by heightened liquidity and volatility. Glassnode emphasizes the robust demand in spot markets, which has been instrumental in supporting Bitcoin’s performance year-to-date, echoing patterns observed during the 2021 bull run.
Bitcoin has witnessed a notable 62% surge in value thus far in 2024, currently standing at $68,748, with a peak at $73,750.07 on March 14. The launch of spot Bitcoin ETFs in the United States on January 11 has spurred a surge in BTC spot trading volume, reaching its zenith in March. Glassnode’s analysis indicates that the market is now experiencing a state of euphoria, accompanied by a noticeable uptick in profit-taking activities.
Moreover, the flow of Bitcoin in and out of exchanges has seen a remarkable uptick since July 2023. According to Glassnode’s data, the average daily total inflows and outflows from exchanges currently amount to $8.19 billion, surpassing the peak observed during the 2021 bull market.
