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With Bitcoin reaching the $58,000 milestone, short-term holders have set a new all-time high in the volume deposited to centralized exchanges, according to Glassnode. 
Crypto exchanges are witnessing an influx of short-term holders, who have consistently deposited over $2 billion worth of <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> per day in volume since mid-January, whilst also setting a new maximum of $2.46 billion in volume deposited overall, a recent <a href="https://insights.glassnode.com/the-week-onchain-week-09-2024/" target="_blank" rel="noreferrer noopener">research report</a> by <a href="https://crypto.news/tag/glassnode/" target="_blank" rel="noreferrer noopener">Glassnode</a> indicates. 
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 <img loading="lazy" decoding="async" width="1024" height="589" src="https://crypto.news/app/uploads/2024/02/hsiudhfiusdfn-1024x589.png" alt="Short-term holders are flooding crypto exchanges, Glassnode says - 24" class="wp-image-14253234">
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 Bitcoin exchange inflow examined by cohort | Source: Glassnode
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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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 “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.” 
 Glassnode 
</blockquote> 
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 <a href="https://crypto.news/bitcoin-surpasses-56k-traders-betting-on-further-rise/" target="_blank" rel="noreferrer noopener">recent rally</a>, 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. 
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 “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.” Glassnode 
</blockquote> 
Analysts at QCP Capital <a href="https://crypto.news/qcp-capital-explains-when-to-expect-bitcoins-all-time-high/" target="_blank" rel="noreferrer noopener">anticipate</a> Bitcoin’s realized volume to remain around 40%, suggesting that hitting the $60,000 mark is a natural target for the March expiry. As of press time, Bitcoin is trading at $58,692, a level not seen since November 2021, according to CoinMarketCap data. 
 Read more: <a href="https://crypto.news/bitcoin-digital-asset-funds-inflows/"> Bitcoin leads digital asset funds in 4th straight week of inflows </a>

Short-term holders are flooding crypto exchanges, Glassnode says

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