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Bitcoin's Hashrate Surges Amid Spot ETF Launch

Bitcoin's hashrate reaches an all-time high following the launch of U.S. spot ETFs, reflecting increased investor interest and market activity.
Published on 2024-01-17

Bitcoin Hashrate Reaches New Heights

Bitcoin, the leading cryptocurrency by market capitalization, has achieved an unprecedented level not in price, but in its hashrate. The hashrate has surpassed 600 EH/s, indicating a massive computational power dedicated to solving Bitcoin's block puzzles. This surge coincides with the excitement surrounding the launch of the first set of Bitcoin spot ETFs in the U.S.

Launch of Bitcoin Spot ETFs

The approval of 11 spot Bitcoin ETFs by the SEC marks a significant development in the Bitcoin market. These ETFs, including prominent names like BlackRock's iShares Bitcoin Trust, began trading, generating $4.6 billion in transactions soon after. This development signals a new era for Bitcoin as an asset class, drawing increased attention from investors.

Increase in On-Chain Activity

Recent data highlights a surge in Bitcoin's on-chain volume, reaching levels unseen since the FTX collapse. A total of $60 billion in transactions was recorded, primarily driven by significant trades. The realized cap has climbed to $438 billion, only 6.4% shy of its all-time high, reflecting robust inflow of capital. On-chain economic transfers now exceed $5.7 billion daily, while exchange flows are at $4.6 billion, underscoring heightened investor activity.

Persistent Futures Interest

Futures open interest remains substantial at $17.6 billion, with only a few instances since November 2020 surpassing this figure. Despite a slight price dip to $45,708, following a peak of $49,102, the overall market sentiment remains positive, driven by the increased institutional participation and investor confidence.

In summary, Bitcoin's expanding hashrate, coupled with the launch of spot ETFs and rising on-chain activity, illustrates a vibrant and evolving market landscape.

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