2024

Wednesday

Bitcoin

BlackRock

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<a href="https://u.today/140000-btc-added-by-bitcoin-whales-in-epic-accumulation-move" rel="noopener noreferrer nofollow">Bitcoin</a> surpassed $64,000 for the first time in more than two years on Wednesday and is already up almost 45% in 2024. The feeling has been that things might be different this time around.
New U.S. spot Bitcoin exchange-traded funds are shaking up the market for the lead cryptocurrency, contributing to the bullish price run by drawing more than $7 billion in net inflows in less than two months.
A five-day rally sent Bitcoin to highs of $64,100 on Wednesday, bringing the record high of nearly $69,000 within reach. A looming decrease in Bitcoin supply growth, known as halving, has further fueled the price increase.
At the time of writing, BTC has risen 5.85% in the previous 24 hours to $62,651, after reaching intraday highs of $63675 in early Thursday trading.
Bitcoin's gain since the start of the year has surpassed stocks, extending a trend begun in 2023. The momentum has attracted traders looking for volatility.
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 Yetserday, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> trade volume hit its highest level since the FTX collapse, topping $34bn 🚀 <a href="https://t.co/Wur5JTrK9l" rel="noopener noreferrer nofollow">pic.twitter.com/Wur5JTrK9l</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1763122610353697157?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 29, 2024</a>
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According to <a href="https://twitter.com/KaikoData/status/1763122610353697157" rel="noopener noreferrer nofollow">Kaiko</a>, Bitcoin trade volume reached its highest level since the FTX meltdown in Wednesday's trading session, totaling $34 billion.
<h2 id="bitcoin-network-activity-etf-volumes-explode">Bitcoin network activity, ETF volumes explode</h2>
<a href="https://twitter.com/santimentfeed/status/1762984854583660657" rel="noopener noreferrer nofollow">Santiment</a>, an on-chain analytics start-up, revealed a massive increase in Bitcoin's on-chain transaction volume, circulation and whale transactions as the price rose.
Santiment reported that as Bitcoin surged beyond $64,000, on-chain activity on the Bitcoin network reached levels not seen before 2022. On-chain transaction volume totaled $35.37 billion, with 283,000 unique tokens moving and whale transactions worth more than $1 million reaching 3,661.
Overall trading activity in <a href="https://u.today/bitcoin-price-action-explained-heres-real-reason-why-btc-dipped-after-etf-approval" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>, including products from BlackRock Inc. and Fidelity Investments, jumped substantially to about $8 billion on Wednesday as Bitcoin surged toward a record.
The funding rate for Bitcoin perpetual futures has also reached its highest level since 2021, indicating that traders are racing to gamble on gains.&nbsp;

$34 Billion Worth of Bitcoin (BTC) Changes Hands in Epic Price Rally

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