Key Points
- Bitcoin (BTC) briefly reached a new all-time high of $73,750, with its market cap hitting $1.45 trillion.
- Data indicates increasing long-term investment in Bitcoin and a rise in large transactions.
Bitcoin Continues Bullish Run
Bitcoin (BTC) has been setting new records almost daily due to continued bullish momentum.
On March 14, BTC momentarily hit a new all-time high (ATH) of $73,750 around 07:00 UTC, pushing its market cap to $1.45 trillion.
However, the leading digital currency has slightly retreated and is currently trading at $73,350.
Bitcoin Trading Activity and Investor Behavior
Bitcoin’s daily trading volume has seen a 25% drop, currently around $46 billion.
On March 13, it was reported that Bitcoin’s total open interest hit a record high of $33.9 billion, surpassing the previous high of $23 billion from November 2021.
Data from Santiment reveals a growing trend of investors accumulating Bitcoin for long-term investment rather than short-term profit.
Santiment’s data also shows an increase in the BTC exchange inflow from 51,522 to 84,620 coins in the last 24 hours, with a similar surge in the asset’s exchange outflow from 54,121 to 89,135 Bitcoins.
In addition, large transactions worth at least $100,000 of BTC have increased by 12.2% in the last day, rising from 17,283 to 19,388 unique transactions.
An increase in such large-scale activity typically results in higher price volatility.
Despite high price fluctuations, the BTC supply outside exchanges has reached a new ATH of 18.78 million tokens, according to Santiment data.
