The biggest cryptocurrency by market capitalization, Bitcoin, has reached an all-time high in terms of value, but not yet in terms of price.
The Bitcoin hashrate is still growing at an aggressive rate, reaching an ATH value of more than 600 EH/s, according to data from the on-chain monitoring platform Glassnode. This translates to 600 quintillion guesses every second made in an attempt to solve the block puzzle.
https://x.com/glassnode/status/1745458123937317122?s=20
The enthusiasm around the introduction of the first batch of Bitcoin spot ETFs in the United States is the cause of the increase in the hashrate of Bitcoin.
The SEC has approved 11 spot Bitcoin ETFs for listing and trading, ushering in a new era for the Bitcoin asset class after months of speculation.
On Thursday morning, eleven spot Bitcoin exchange-traded funds (ETFs) started trading, with $4.6 billion worth of shares touching hands immediately after. These included BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others.
According to IntoTheBlock statistics, Bitcoin’s on-chain volume has hit its greatest level since the FTX collapse. The $60 billion total volume of Bitcoin on Wednesday was almost entirely driven by big transactions.
Other Bitcoin metrics rise
Glassnode reports that money is still flooding the Bitcoin asset class, with the realised capitalization at only 6.4% down its peak at $438 billion. Since December 2021, this is the biggest percentage rise in 30 days, suggesting that fresh demand is joining the market.
There is a steady increase in the volume settled on-chain, with over $5.7 billion in economic transfers handled daily. Exchange movements, which now total $4.6 billion in inflows and outflows daily, reflect a continuing rise in investor activity and reflect this mood.
At $17.6 billion, futures open interest is still quite high despite just 146 trading days since November 2020 seeing a greater amount.
As of this writing, the price of bitcoin had dropped by 2.95% over the previous day to $45,708, from highs of $49,102 during yesterday’s trading session.
