Bitcoin

According to the research by Glassnode and online analysts Ukuria OC and Cryptovizart, Bitcoin has recently risen to $69,000, marking a significant shift.

Bitcoin rises to $0.069 million: Glassnode's analysis of the next market move

According to data from the chain market intelligence company Glassnode, the recent spot price of Bitcoin (BTC) has soared to $69,000, bringing relief to investors after months of stagnant trading. This increase is consistent with multiple technical thresholds being breached by cryptocurrencies, including the 200-day and 111-day moving averages, both of which historically correlate with price movements.

Glassnode's latest on-chain report states: "Net capital inflows into Bitcoin assets have also accelerated, growing by $21.8 billion (+3.3%) in the last 30 days." "This has led to realized ceilings reaching new ATH, exceeding $646 billion. This indicates rising liquidity across the asset class, with significant capital inflows supporting price increases."

The positions held by Bitcoin among short-term investors further support this rebound, which is a key indicator of understanding recent market sentiment. Glassnode's report shows that all sub-year age groups among short-term holders now hold unrealized profits, indicating that these positive returns may enhance market confidence.

Ukuria OC and Cryptovizart pointed out that, as investors find new incentives in the market, this could be a "tailwind" for continued price increases. In terms of derivatives, open interest in Bitcoin futures hit a new high of $32.9 billion, with much of this growth attributed to institutional participation, particularly through the CME Group.

Glassnode's analysis indicates that cash and carry trading strategies have increased significantly, with institutional traders using cme futures for hedging and generating profits. Currently, the annualized basic yield is around 9.6%, almost double the short-term interest rates in the usa. Bonds, analysts suggest that institutional interest in bitcoin may continue to strengthen over the next few months.