Recent data shows a significant increase in Bitcoin fund holdings by institutional investors, indicating a rising interest and accumulation of the cryptocurrency as its price continues to climb.
In a recent report by Glassnode, the Bitcoin spot price has found significant support at $25.5K, known as the Adjusted Realized Price. This level is crucial because a clear break below it in June 2022 led to a long and severe bear market. However, the recent break above this level has triggered a positive return in the price of Bitcoin.
As of now, Bitcoin is above the 200MA and is currently consolidating in a tight range around $29,400 and $31,000. As per the price action a breakout above the $31,500 level may lead to a bull run toward $34.3K, which represents a -50% Fibonacci retracement.
According to data from intotheblock, Bitcoin is currently trading at around $30,200. It is observed that 72.08% of addresses are in profit, 23.59% are in losses, and 4.33% are at breakeven prices.
Recently, two major asset management firms, BlackRock and Wisdom Tree, filed applications for a Bitcoin ETF on June 15th and June 21st, respectively, when Bitcoin was finding support from its 200MA. This move has strengthened investor confidence and attracted more investors to Bitcoin, causing a price increase of over 15%.
Meanwhile, data indicates a notable increase in Bitcoin exchange volume, rising from $875 million to $2.24 billion year-to-date, marking a growth of 164%. Despite this growth, the current volume remains $3.86 billion (or 63.3%) lower than the all-time high of $6.1 billion, which occurred during the primary Bull Market of 2021 when Bitcoin was trading above $60,000.
Other data observed by Todayq news, there has been a substantial accumulation of 1.01 million Bitcoin from December 2021 until now. This accumulation occurred over 602 days. The current market capitalization of Bitcoin is around $583.43 billion, which is approximately 45% lower than its all-time high of around $1.28 trillion during the bull market when Bitcoin was trading at around $69,000.