Bitcoin’s recent surge to $69,000 has brought relief to investors who have been dealing with months of stagnant trading, according to Glassnode, Ukuria OC, and Cryptovizart. This surge in price aligns with the cryptocurrency surpassing multiple technical thresholds, including the 200-day and 111-day moving averages, which have historically been linked to price shifts.
Glassnode’s latest onchain report reveals that net capital inflows into Bitcoin have accelerated, increasing by $21.8 billion (3.3%) in the last 30 days. This has led to the Realized Cap reaching a new all-time high of over $646 billion, indicating that liquidity in the asset class is rising and significant capital inflows are supporting the price increase.
The rally is further supported by the status of Bitcoin holdings among short-term investors, as indicated by Glassnode’s report. All sub-age groups within the short-term holder cohort now possess unrealized profits, suggesting that positive returns are bolstering market confidence.
Ukuria OC and Cryptovizart suggest that this could act as a “tailwind” for continued upward price action as investors find renewed incentives in the market. On the derivatives side, open interest in Bitcoin futures has reached a new high of $32.9 billion, with institutional involvement, particularly through the Chicago Mercantile Exchange (CME), contributing significantly to this growth.
Glassnode’s analysis highlights a significant increase in cash-and-carry trading strategies, where institutional traders leverage CME futures for hedging and yield generation. With the current annualized basis yield at around 9.6%, nearly double the yield on short-term U.S. Treasury bonds, analysts believe that institutional interest in Bitcoin could continue to strengthen in the coming months.
