Bitcoin ETF

Bitcoin

DeFi

Trillion

<div class="intro-text"> 
 In January 2024, Bitcoin’s on-chain volume reached a six-month high, according to <a style="color: #0000ff;" href="https://www.theblock.co/data/on-chain-metrics/bitcoin/bitcoins-adjusted-on-chain-volume-daily">data from The Block</a>. 
</div> 
The reported number of transactions on the blockchain tripled compared to September 2023, totalling a record $1.21 trillion worth of Bitcoin moved on-chain. This spike follows the comparatively lower volume of $550 billion in September 2023. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-12833" src="https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume.png" alt="" width="2401" height="1260" srcset="https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume.png 2401w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-300x157.png 300w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-1024x537.png 1024w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-768x403.png 768w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-1536x806.png 1536w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-2048x1075.png 2048w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-1320x693.png 1320w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-600x315.png 600w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-750x394.png 750w, https://defi-planet.com/wp-content/uploads/2024/02/Bitcoin-On-Chain-Volume-1140x598.png 1140w" sizes="(max-width: 2401px) 100vw, 2401px"> 
The <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/">approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission</a> (SEC) in January likely played a role in the substantial increase in transaction volume. The spot Bitcoin ETF providers entered a race to increase the assets backing their funds to almost 99% Bitcoin. <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/blackrocks-ishares-bitcoin-etf-becomes-first-to-reach-99-bitcoin-holding-and-1-billion-aum/">Blackrock was the first</a> to achieve this, and <a href="https://defi-planet.com/2024/01/fidelitys-bitcoin-etf-crosses-1-billion-aum-following-blackrocks-lead/">Fidelity followed two days later.</a>&nbsp; 
Despite the overall surge in transaction volume, <a style="color: #0000ff;" href="https://www.bitget.com/insights/news/12560603892217">Analysts at Glassnode say that long-term Bitcoin investors appear to be unconcerned about the recent market volatility</a>, with little evidence of panic selling. Bitcoin failed to achieve $1 trillion in monthly volume in December 2023, indicating that investors were cautiously awaiting the SEC’s approval of spot Bitcoin ETFs.&nbsp; 
Meanwhile, popular crypto analyst and YouTuber <a style="color: #0000ff;" href="https://youtu.be/VQSa6WOP4yA?si=DF0K-VrKZH5nULx4">Eric Krown Crypto has noted the low volatility and downward trend of Bitcoin</a> prices, which he thinks has had a stochastic momentum in the last five days, and projected a short-term price rally to $44,000 or $45,000. Still, a downward move to lower prices is more likely. Krown points out that $46,000 would be the confirmation level for an upward trend, but the price may retrace below the key support levels before any such rally.&nbsp; 
Krown believes that a short-term rally may be followed by a correction to around $40,000 before the price can resume its upward movement. Despite the short-term bullish outlook, the analyst cautions that a worst-case scenario could see the price of Bitcoin fall to $28,000. Krown recommends caution, especially for short-term traders, because of the high level of uncertainty in the market. 
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The post <a href="https://defi-planet.com/2024/02/bitcoin-on-chain-volume-hits-six-month-high-at-1-21-trillion-in-january-2024/">Bitcoin On-Chain Volume Hits Six-Month High at $1.21 Trillion in January 2024</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin On-Chain Volume Hits Six-Month High at $1.21 Trillion in January 2024

DeFi Planet

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