- Bitcoin’s hashrate has climbed to a new all-time high.
- Investors continue to hold on to their coins despite the price surge.
In a series of posts on X (formerly Twitter), data provider Glassnode delved into how the highly anticipated ETF approval has impacted Bitcoin’s [BTC] on-chain activity.
After many months of speculation, the #Bitcoin asset class enters a new paradigm as the SEC approved the listing and trading of 11 Spot #Bitcoin ETFs.
In this thread, will we explore the current state of the chain following the significant ETF annoucement.🧵 pic.twitter.com/iFdX6kGcGR
— glassnode (@glassnode) January 11, 2024
BTC on the chain
According to Glassnode, there has been an “aggressive” spike in the network’s hashrate since the U.S. Securities and Exchange Commission (SEC) gave its approval on 10th January.
When the Bitcoin network experiences a hike in hashrate, it means there is a significant uptick in the computational power dedicated to securing the network, suggesting a rally in usage.
As user activity climbed on the network following the SEC’s approval, its hashrate clinched an all-time high of 600 EH/s.
According to Glassnode:
“This is equivalent to 600 quintillion guesses every second in an attempt to solve the Block puzzle.”
Still growing, the Bitcoin network’s hashrate was 630 EH/s at press time.
Source: Glassnode
Glassnode found further that there has been a rise in the volume of BTC transactions settled on-chain since the approval was announced. This underscores a notable surge in the count of trades involving BTC.
Also depicting an increase in investor activity since 10th January, BTC’s daily inflows into and outflows from exchanges currently stand at $4.6 billion.
Source: Glassnode
In the coin’s derivatives market, futures open interest continues to climb. As of this writing, it was $17.98 billion.
According to Glassnode, this figure marks one of the larger values recorded in the past 146 trading days since November 2020.
Source: Glassnode
Interestingly, the count of BTC Futures Contracts using Crypto-Margined collateral has dipped to an all-time low, Glassnode found. The data provider said:
“However, when assessing the collateral structure for Futures Contracts, a significant improvement can be noted with only 21.8% of the Open Interest using Crypto-Margined collateral.”
This means that only 21.8% of all outstanding Futures Contracts are backed by BTC itself as investors seek collaterals in other assets such as stablecoins.
This trend is a positive one, as it can help ensure increased stability and maturity in the BTC Futures market due to decreased reliance on the coin itself as collateral.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Despite the recent price rally to multi-month highs, most coin holders have refused to sell.
Glassnode stated,
“However, HODLing remains the primary market dynamic despite the rampant increase in price action.”
clomid without rx where to get generic clomiphene no prescription clomiphene sale clomiphene medication clomiphene pills clomid costo good rx clomiphene
Greetings! Very productive par‘nesis within this article! It’s the crumb changes which wish turn the largest changes. Thanks a quantity for sharing!
Thanks an eye to sharing. It’s outstrip quality.
cost azithromycin 500mg – ciprofloxacin without prescription order generic metronidazole 400mg
order semaglutide 14mg online cheap – buy semaglutide 14 mg buy periactin without prescription
buy generic domperidone over the counter – order flexeril 15mg buy flexeril generic
inderal 10mg brand – inderal 10mg price methotrexate 10mg canada
buy amoxil no prescription – diovan order online buy combivent 100 mcg
zithromax for sale – zithromax online buy order generic bystolic 5mg
buy augmentin 625mg sale – https://atbioinfo.com/ buy generic acillin over the counter
buy generic nexium 40mg – https://anexamate.com/ nexium for sale online
coumadin cheap – https://coumamide.com/ buy cozaar without prescription
mobic price – https://moboxsin.com/ buy mobic generic
order prednisone 20mg pills – corticosteroid prednisone 20mg cost
best pill for ed – https://fastedtotake.com/ buy ed pills medication
purchase amoxicillin – https://combamoxi.com/ buy amoxil without prescription
cheap diflucan – this order generic diflucan
cenforce ca – https://cenforcers.com/ cenforce 100mg oral
online cialis no prescription – click when will teva’s generic tadalafil be available in pharmacies
cialis for sale toronto – site tadalafil 20mg (generic equivalent to cialis)
buy generic ranitidine online – online ranitidine 150mg over the counter
buy viagra hua hin – https://strongvpls.com/ buy viagra uk paypal
I couldn’t resist commenting. Adequately written! comprar cialis
This is a topic which is in to my fundamentals… Myriad thanks! Faithfully where can I lay one’s hands on the contact details in the course of questions? azithromycin uk
The thoroughness in this break down is noteworthy. https://ursxdol.com/levitra-vardenafil-online/
This is the gentle of writing I truly appreciate. https://prohnrg.com/product/metoprolol-25-mg-tablets/
This is a keynote which is virtually to my verve… Many thanks! Unerringly where can I find the phone details an eye to questions? https://aranitidine.com/fr/viagra-professional-100-mg/
The sagacity in this serving is exceptional. https://ondactone.com/simvastatin/
More content pieces like this would create the интернет better.
https://doxycyclinege.com/pro/spironolactone/
More text pieces like this would insinuate the web better. http://mi.minfish.com/home.php?mod=space&uid=1411820