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With Bitcoin (BTC) reaching the $60,000 milestone, short-term holders have set a new all-time high in the volume deposited to crypto exchanges, according to Glassnode. 
Crypto exchanges are witnessing an influx of short-term holders, who have consistently deposited over $2 billion worth of Bitcoin per day in volume since mid-January, whilst also setting a new maximum of $2.46 billion in volume deposited overall, a <a href="https://insights.glassnode.com/the-week-onchain-week-09-2024/">recent</a> research report by Glassnode indicates. 
As investors are holding huge amounts of unrealized profits since November 2022, the total volume of deposits and withdrawals has continued to expand, reaching $5.57 billion in daily volume flowing in and out of exchanges, analysts note. 
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 <img decoding="async" class=" wp-image-67125" src="https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow-522x300.webp" alt="" width="567" height="326" srcset="https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow-522x300.webp 522w, https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow-869x500.webp 869w, https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow-768x442.webp 768w, https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-exchange-inflow.webp 1024w" sizes="(max-width: 567px) 100vw, 567px">
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 Bitcoin exchange inflow
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“The degree of speculation within the current market can also be seen by the extraordinarily high dominance of exchanges related in/outflows with respect to all on-chain volume.” 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-btc-price-soared-by-9-is-60k-target-possible-soon/" aria-label="“Bitcoin (BTC) Price Soared By 9%, Is $60K Target Possible Soon?” (Edit)">Bitcoin (BTC) Price Soared By 9%, Is $60K Target Possible Soon?</a> 
The data provided by the Switzerland-headquartered analytical blockchain firm indicates that over 78% of all economical on-chain volume is being directed to/from exchanges as Bitcoin keeps updating its heights. 
However, the surge in activity is not solely attributed to the recent rally, as the introduction of new spot Bitcoin exchange-traded funds (ETFs) has also contributed to increased demand. 
These ETFs have attracted approximately 90,000 BTC in net flows, totaling nearly $38 billion in assets under management. 
“These ETF products have for the first time allowed institutional investors to gain exposure to the BTC asset via traditional rails, opening a new degree of freedom for demand and speculation.” 
Analysts at QCP Capital anticipate Bitcoin’s realized volume to remain around 40%, suggesting that hitting the $60,000 mark is a natural target for the March expiry.&nbsp; 
As of press time, Bitcoin is <a href="https://coinstats.app/coins/bitcoin/">trading</a> at $60,262.43, a level not seen since November 2021, according to Coinstats data. 
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 <img decoding="async" class=" wp-image-67126" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-30-483x300.png" alt="" width="583" height="362" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-30-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-30.png 760w" sizes="(max-width: 583px) 100vw, 583px">
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 BTC Price Chart | Source: Coinstats
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The post <a href="https://bitcoinworld.co.in/glassnode-short-term-bitcoin-holders-are-flooding-crypto-exchanges-as-btc-soar/">Glassnode: Short-term Bitcoin Holders Are Flooding Crypto Exchanges As BTC Soar</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Glassnode: Short-term Bitcoin Holders Are Flooding Crypto Exchanges As BTC Soar

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