Bitcoin attains a fresh all-time high as accumulation surges
Bitcoin (BTC) continues to achieve new milestones on a daily basis, thanks to its strong bullish momentum. On March 14, BTC briefly reached a new all-time high (ATH) of $73,750, with its market cap hitting $1.45 trillion. Although the flagship cryptocurrency experienced a slight dip, it is currently trading at $73,350.
In addition, Bitcoin’s daily trading volume has seen a 25% decrease and is currently around $46 billion.
According to a report from crypto.news on March 13, the total open interest for Bitcoin reached an ATH of $33.9 billion, surpassing the previous high of $23 billion in November 2021.
Data from Santiment reveals that the number of investors accumulating Bitcoin for long-term investment purposes, rather than short-term profit-taking, has been increasing over the past two days.
Furthermore, Santiment data shows that the exchange inflow of BTC has increased from 51,522 to 84,620 coins in the past 24 hours. Similarly, the exchange outflow of the asset surged from 54,121 to 89,135 Bitcoins in the same timeframe.
On the other hand, whale transactions involving at least $100,000 worth of BTC have risen by 12.2% in the past day, with the number of unique transactions increasing from 17,283 to 19,388 in 24 hours. Higher price volatility is typically expected when there is an increase in whale activity.
Despite the high price fluctuations, Santiment data shows that the supply of BTC outside of exchanges has reached a new ATH of 18.78 million tokens.
In conclusion, Bitcoin’s impressive performance continues, with new ATHs achieved and various indicators pointing towards increased investor interest and activity.
