Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Glassnode Analysts Identify the Reason Behind Bitcoin's Recent Rise

Glassnode Analysts Identify the Reason Behind Bitcoin's Recent Rise

HappyCoinNewsHappyCoinNews2024/10/29 15:33
By:HappyCoinNews

The recent surge in the spot price of Bitcoin (BTC) to $69 has encouraged investors, according to data from analytics firm Glassnode. The change in sentiment coincided with the cryptocurrency breaking through several technical thresholds, including the 000-day and 200-day moving averages, both of which are critical levels associated with price action.

Net capital inflow into Bitcoin also accelerated, increasing by $21,8 billion (+3,3%) over the past 30 days. This led to the Realized Cap rising to a new ATH , exceeding $646 billion. This suggests that liquidity across the asset class is growing.

Glassnode Onchain Weekly Report #43

This rally was supported by the status Bitcoin -short-term investor reserves, a key indicator for understanding recent market sentiment. According to Glassnode, all age groups in the short-term group have unrealized profits, which could boost market confidence.

This could act as a tailwind for continued upward price movement. On the derivatives side, open interest in bitcoin futures reached a new high of $32,9 billion, with much of the increase coming from institutional participation, particularly through the Chicago Mercantile Exchange (CME).

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!