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Bitcoin Hashrate and Spot ETFs Boost Cryptocurrency Metrics

Explore how Bitcoin's hashrate and the approval of spot ETFs are impacting its market metrics and investor activity.
Published on 2024-01-20

Bitcoin Hashrate Reaches New Heights

Bitcoin, the leading cryptocurrency by market cap, has achieved a record-breaking hashrate, now exceeding 600 EH/s. This significant milestone reflects the intense computational power dedicated to solving Bitcoin's block puzzles. The hashrate surge is primarily driven by the anticipation and launch of Bitcoin spot ETFs in the U.S.

Impact of Bitcoin Spot ETFs

The recent approval of 11 Bitcoin spot ETFs by the SEC marks a transformative phase for the Bitcoin asset class. Major players like BlackRock's iShares Bitcoin Trust and ARK 21Shares Bitcoin ETF began trading, with a staggering $4.6 billion in shares traded shortly after their debut. This development has contributed to heightened market activity and increased investor interest in Bitcoin.

Rising On-Chain Activity and Metrics

Bitcoin's on-chain volume has soared to its highest point since the FTX collapse, reaching $60 billion, largely due to significant transactions. The realized market cap stands at $438 billion, showcasing a notable 6.4% gap to its all-time high, indicative of growing demand. Daily economic transfers on-chain amount to over $5.7 billion, echoing the increased capital influx into Bitcoin.

Investor Engagement and Market Dynamics

Exchange flow metrics reveal a daily inflow and outflow of $4.6 billion, underscoring active investor participation. Futures open interest remains robust at $17.6 billion, with historical comparisons showing only 146 days of higher figures since November 2020. Despite recent fluctuations, including a 2.95% dip in Bitcoin's price to $45,708, the cryptocurrency continues to demonstrate resilience and attract substantial investor interest.

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