Glassnode, a cryptocurrency analytics firm, says Bitcoin’s current price surge looks pretty solid.
Strong Buying, Weak Selling
Their analysis shows that new investors and those jumping on the bandwagon are actively buying, while those selling for profit aren’t overly active. This suggests continued demand without a significant drop in price, supporting the rally’s longevity.
Institutional Investors Jump In
Last week saw a massive influx of Bitcoin into US spot Bitcoin ETFs – a whopping $2.9 billion worth! This is the fifth-largest weekly inflow ever recorded, highlighting renewed institutional interest in Bitcoin, even with its current high price.
Bitcoin’s Current Status
At the time of writing, Bitcoin is trading around $95,370, up about 1.5% in the last 24 hours.
Ethereum Shows Signs of Life
Glassnode also notes that Ethereum is showing its first significant increase in new buyers since February. However, profit-taking is also picking up, which might explain why its price recovery has stalled a bit.
Ethereum is currently trading at $1,827, up over 3% in the last 24 hours.
