bitcoin
bitcoin

$72083.89 USD 

3.17%

ethereum
ethereum

$2612.20 USD 

1.10%

tether
tether

$0.999826 USD 

0.05%

bnb
bnb

$600.18 USD 

-0.41%

solana
solana

$177.85 USD 

0.11%

usd-coin
usd-coin

$0.999993 USD 

0.01%

xrp
xrp

$0.523892 USD 

0.83%

dogecoin
dogecoin

$0.173615 USD 

3.93%

tron
tron

$0.166204 USD 

1.19%

toncoin
toncoin

$5.01 USD 

-0.51%

cardano
cardano

$0.357038 USD 

3.32%

shiba-inu
shiba-inu

$0.000019 USD 

2.72%

avalanche
avalanche

$26.53 USD 

0.84%

bitcoin-cash
bitcoin-cash

$380.41 USD 

4.46%

chainlink
chainlink

$11.71 USD 

4.48%

Cryptocurrency News Articles

Bitcoin’s Rally to $69K: Glassnode’s Analysis on What’s Next for the Market

Oct 28, 2024 at 02:39 am

The recent surge in bitcoin’s (BTC) spot price to $69,000 has brought relief to investors after months of stagnant trading

Bitcoin’s Rally to $69K: Glassnode’s Analysis on What’s Next for the Market

Bitcoin’s recent price rally to $69,000 marked a notable shift, according to research from Glassnode and onchain analysts Ukuria OC and Cryptovizart.

Bitcoin’s Rally to $69K: Glassnode’s Analysis on What’s Next for the Market

The recent surge in bitcoin’s (BTC) spot price to $69,000 has brought relief to investors after months of stagnant trading, per data from the onchain market intelligence firm Glassnode. This uptick aligns with the cryptocurrency breaking through multiple technical thresholds, including the 200-day and 111-day moving averages, both critical levels historically linked to price shifts.

“Net capital inflows into the Bitcoin asset have also accelerated, increasing by $21.8B (+3.3%) over the last 30 days,” Glassnode’s latest onchain report states. “This has resulted in the Realized Cap ticking up to a new ATH, reaching over $646B. This suggests that liquidity across the asset class is rising, and meaningful capital inflows support the price increase.”

Further supporting this rally is the status of bitcoin holdings among short-term investors, a key metric for understanding recent market sentiment. Glassnode’s report shows that all sub-age groups within the short-term holder cohort now possess unrealized profits, suggesting that market confidence may be bolstered by these positive returns.

Ukuria OC and Cryptovizart note that this could act as a “tailwind” for continued upward price action as investors find renewed incentives in the market. On the derivatives side, bitcoin futures open interest reached a new high of $32.9 billion, with much of this growth attributed to institutional involvement, specifically via the Chicago Mercantile Exchange (CME).

Glassnode’s analysis indicates a significant increase in cash-and-carry trading strategies, where institutional traders leverage CME futures for hedging and yield generation. With the current annualized basis yield at around 9.6%, which nearly doubles the yield on short-term U.S. Treasury bonds, analysts suggest institutional interest in bitcoin could continue to strengthen in the coming months.

News source:news.bitcoin.com

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Oct 30, 2024