Bitcoin, the leading cryptocurrency, witnessed one of its largest transactions in recent weeks, totaling 15,411.92 BTC.
Although substantial, this transaction pales in comparison to the colossal movements observed on March 22nd, when two transactions of 87,051.03 BTC and 78,317.03 BTC occurred during a price dip to $63K.
#Bitcoin’s third largest transaction in the past two weeks (15,411.92 $BTC) happened 13 hours ago. However, this was realatively tiny compared to the pair of massive transactions that occurred on March 22nd (87,051.03 $BTC and 78,317.03 $BTC) during the asset’s price dip to… pic.twitter.com/HkLoUFkF2T
— Santiment (@santimentfeed) March 27, 2024
The surge in on-chain transaction volume on that day hinted at significant dip purchases by key stakeholders, contributing to a subsequent market recovery.
Identifying the precise nature of the wallets involved in these transactions can be challenging. However, the transactions seem to align with a broader trend of large wallet accumulation observed since the previous weekend.
DeFi platforms are also witnessing increased participation, with over 662,000 holders of tokenized Bitcoin collectively owning 0.82% of the total Bitcoin supply, according to data from Intotheblock.
There are over 662k holders of tokenized Bitcoin in DeFi, collectively holding 0.82% of the Bitcoin supply.
https://t.co/JRUfqqRKg7 pic.twitter.com/f0TJtFJfIh
— IntoTheBlock (@intotheblock) March 27, 2024
Notable Increase In Net Inflow Of Bitcoin ETFs
Furthermore, recent data from Spotonchain indicates a notable uptick in the net inflow of Bitcoin ETFs. On March 26, 2024, the net inflow surged by 2,687% compared to the previous trading day, reaching a total of +418 million.
Notably, the Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack for two consecutive trading days, with a single-day net inflow exceeding $200 million.
$BTC #ETF Net Inflow Mar 26, 2024: +418M!
• The net inflow increased by 2,687% compared to the previous trading day as the $BTC price rose above $70K!
• Fidelity Wise Origin Bitcoin Fund $FBTC maintains another single-day net inflow of above $200M, leading the 10 ETFs for… https://t.co/oHIca1Kqup pic.twitter.com/h16wmi7ZcM
— Spot On Chain (@spotonchain) March 27, 2024
This resurgence in net inflows has pushed the cumulative total net inflow after 52 trading days to $11.7 billion, signaling renewed investor interest amidst Bitcoin’s price rally beyond $70K.
As Bitcoin continues to experience volatility, these large transactions and increased ETF activity provide valuable insights into market sentiment and investor behavior, underscoring the cryptocurrency’s ongoing significance in the financial landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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