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- Per Glassnode’s report, the Bitcoin addresses are surging
- The credit goes to the remarkable demand of BTC since the beginning of 2021
- It witnessed a month of complete volatility
Bitcoin witnessed an enormous shift in its network activity during January. The number of transfers included in sending or receiving BTC crossed over 22.3 million for the first time in the history of Bitcoin.
Glassnode’s figurative report on Bitcoin’s demand and supply
Glassnode is a popular on-chain market that recently updated the spreadsheet of the latest numbers on Bitcoin. Per the report, the Bitcoin addresses are surging because of the great demand since the beginning of 2021. The most worthy crypto-asset soared over $34,000 on Tuesday. This was a post 2% rise in the past 24 hours.
Apart from announcing the final rise in active BTC addresses, Glassnode reported the supply’s current situation. It suggested that the supply of BTC stocked in crypto exchange wallets stuck at its lowest value in more than two years. Moreover, the company stated that over 12% of the BTC supply rose above the price value of $30,000.
Bitcoin witnessed a month of complete volatility, staying true to its conventional attribute. The price started from $28,000 to reach a high of $41,500. The price of the digital currency fell below $30,000 on January 27.
However, the current bullish momentum alleviated BTC a lot. It helped the crypto asset to sustain its value above the level of $30,000. Finance Magnates also discussed the contextual BTC rally. The discussions augmented post the historical update of Elon Musk with a Bitcoin tag on his Twitter account.
Current scenario of Bitcoin volumes
The volumes of Bitcoin surged crucially during the first month. The credit goes to the institutional investors who still prefer Bitcoin over other digital assets. Europe’s biggest crypto asset management company, CoinShares affirmed that Bitcoin constituted around 92% of the total weekly crypto arrivals.
The official report explained the status in detail. It suggested that volumes in Bitcoin witnessed their second-highest record last Friday. The totalling went up to US$22bn for the respective day. For the entire week, the total of the volumes was around US$55bn. Further, it remarked that the investments represent 92% of the total inflow, and thus, they are very BTC-oriented. An $8m inflow was recorded into multi-asset crypto investment products.
The recognised interest from investors in widening their horizon to various other crypto assets rose evidently. However, the engrossment in multi-asset investment products stands weak, with barely US$500m of assets under administration. This represents merely 1.6% of passive investments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
