Bitcoin’s recent rally took it to a peak of $64.1K, marking a significant milestone in its upward trajectory.
However, shortly after reaching this high, the cryptocurrency experienced a moderate retracement to around $59.8K.
#Bitcoin has now climbed as high as $64.1K before a mid-sized retracement down to $59.8K approximately 4 hours later. Today’s high has now closed the gap to within 7.2% of $BTC’s $68.7K #AllTimeHigh established on November 10, 2021.
Meanwhile, #Ethereum has reached as high as… pic.twitter.com/beX1yhCn6S
— Santiment (@santimentfeed) February 28, 2024
Despite the pullback, Bitcoin is now within striking distance of its all-time high of $68.7K, established back in November 2021.
The onchain activity on Bitcoin’s network has surged to levels not seen since 2022, underscoring the renewed interest and engagement within the crypto community.
Notable metrics include a staggering $35.37 billion in onchain transaction volume, the movement of 283K unique tokens, and the execution of 3,661 whale transactions valued at $1 million or more.
Justifying #Bitcoin’s historic run to a $64K high today, #onchain activity on #crypto’s top network has already exceeded levels not matched since 2022.
$35.37B in #onchain transaction volume
— Santiment (@santimentfeed) February 28, 2024
As Bitcoin’s rally unfolds, the overall crypto market cap has witnessed a commendable 12.1% growth over the past week, reflecting the broader uptrend in digital assets.
With #altcoin redistributions currently in progress, the overall #crypto market cap has now grown by 12.1% in the past week, according to the 2,862 assets with data currently on @santimentfeed. Trading volume has more than doubled compared to last week. https://t.co/w4sYG6FHGq pic.twitter.com/eFGkhmokjR
— Santiment (@santimentfeed) February 29, 2024
Trading volume has also experienced a significant uptick, more than doubling compared to the previous week. Recent data from intotheblock highlights Bitcoin’s dominance in profitability, with 97% of its holders now in profit, outperforming the broader crypto market sentiment.
Check Out This Notable Bitcoin Purchase Right Before The Price Pump
On the on-chain front, reports from Lookonchain reveal intriguing transactions, including a sizable purchase of 1,000 $BTC from Binance prior to Bitcoin’s surge to $60K.
Meanwhile, the US Government has transferred a substantial amount of Bitcoin to new wallets, now holding a total of 200.16K $BTC.
A smart whale deposited 600 $BTC($35.5M) to take profits in the past 3 days.
He currently holds 4,500 $BTC($276M), the total profit exceeds $165M.
Withdrew 6K $BTC($158.66M) from #Binance at $26,444 from Aug 24 to Sept 2, 2023, and deposited 3K $BTC($105.7M) to #Binance on Oct… pic.twitter.com/GXEvbRyKeA
— Lookonchain (@lookonchain) February 29, 2024
However, amidst the bullish sentiment, a smart whale has opted to capitalize on recent gains, depositing 600 $BTC to take profits in the past three days. This strategic move has resulted in substantial gains, with total profits exceeding $165 million.
The influx of institutional interest is also evident in Bitcoin spot ETFs, with a significant net inflow of $673 million reported on February 28th.
According to SoSoValue data, on February 28th, the total net inflow for Bitcoin spot ETFs was $673 million. The previous day, Grayscale’s ETF GBTC had a net outflow of $216 million. The Bitcoin spot ETF with the highest net inflow on that day was BlackRock’s ETF IBIT, with a net… pic.twitter.com/vMglAXclJd
— Wu Blockchain (@WuBlockchain) February 29, 2024
Notably, BlackRock IBIT’s trading volume reached a record $3.346 billion, underscoring the growing adoption of crypto investment vehicles.
According to Kaiko, on February 28, the BTC spot trading volume of CEX reached $34.05 billion, the highest level since the collapse of FTX, of which Binance reached $17.09 billion, Bybit reached $3.5 billion, Coinbase reached $2.98 billion, and OKX reached $2.92 billion, Kraken…
— Wu Blockchain (@WuBlockchain) February 29, 2024
Bitcoin spot trading volume on various exchanges, including Binance, Bybit, and Coinbase, has surged, with total volumes reaching levels not seen since the aftermath of FTX’s collapse. In summary, Bitcoin’s recent surge and heightened onchain activity signal a bullish trend, underpinned by increased institutional participation and growing investor confidence in the digital asset space.
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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