Despite the Bitcoin price failing to properly clear the $43,000 resistance over the last week, it has not stopped investors from taking their positions in the digital asset. According to reports, the Bitcoin transaction volumes have reached their highest points in almost two years, showing a willingness from investors to enter the market even at elevated prices.
Bitcoin Sees Elevated Transaction Volumes
Data from The Block has shown that Bitcoin continues to witness elevated trading volumes, culminating in new yearly highs in January. According to the chart, these elevated trading volumes began on October 2023, which coincides with the time when anticipation around a potential Spot Bitcoin ETF approval first began.
From October 2023, the Bitcoin transaction volumes saw a steady climb, with each month recording higher volumes than the last. Then, to start out the year 2024, January would smash all of 2023’s records as transaction volumes rose over $1 trillion in a single month.
These elevated transaction volumes are a testament to the positive sentiment that has followed the Spot Bitcoin ETF approvals. This is coming despite lower transaction numbers on the blockchain compared to the months of November and December. This shows that larger volumes are being carried across transactions.
One firm example of the accumulation that has been going on with BTC is the number of coins that Spot Bitcoin ETF issuers are currently buying. As NewsBTC reported, these issuers bought up more than $1 billion worth of Bitcoin in a single week, amounting to over 20,000 BTC accumulated.
BTC bulls push price above $43,000 | Source: BTCUSD on Tr
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Author: Best Owie
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