Bitcoin is down by 2.555 in the last 24 hours, exchanging hands at $69,295.04 at the time of writing this article. That is a reflection of a surge of 4.67% in the last 7 days and 145.02% in the last 365 days. The jump in value is majorly credited to the approval of Spot ETF by the US SEC, effective January 2024. Also, the on-chain exchange volume is up considerably to post a profit-taking figure.
That said, the value is anticipated to go higher after Halving. Two more factors that have contributed to the rise in BTC are deposits and withdrawals on exchange platforms. BTC is maintaining a consolidation in the range of $64,000 to $73,000. The daily volume peaked at $14.1 billion in the middle of March. Trends are now closer to mirroring what they were in 2020-2021.
Spot Volume in May 2021 was $20.5 billion, followed by a new high of $20.8 billion in March 2023. April 2024 has already bagged half of what it was in the previous month. The number is at approximately $7 billion, approximately, triggering a possibility that another high could come in the remaining days of April.
Spot Volume momentum earlier demonstrated a bear run between May 2022 and December 2022. That was transformed into a bull market from January to April 2023. The same sentiment prevails between November 2023 and April 2024. ETF flows have a daily average of $8.19 billion which is higher than what it was during the peak of the 2020-2021 bull run.
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Exchange flow momentum follows the trend. The 30-day MA as of April 06, 2024, was $8.19 billion. The 180-day MA was $4.59 billion.
Spot Trade volume is again higher than ETF trade volume. This is a comparison between March and April this year. Spot Trade Volume was $18.6 billion and was last seen at $7.9 billion. ETF Trade Volume underplayed at $9.92 billion before bagging $3.4 billion on April 04, 2024.
Spot Cumulative Volume Delta is closer to the value from February 2021. It cost $145.2 million at the time and was last seen worth roughly $143.6 million in March 2024.
A total of three events have been clarified with the trend. First, profit-taking ramps up when the ATH breaks out, especially by long-term holders. Second, major profit-taking brings a peak in local and global markets. Third, profit-taking and inflow demand help derive the magnitude of new capital flowing into Bitcoin.
Bitcoin’s realized profit is at 1.8% as of March this year. That is less than 3%, which was in January 2021. What brings optimism is that the figure for March 2024 is above 1.5%. New investors exploring the market are bringing a balance between long-term holders and demand.
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Moving forward, all sights are on Bitcoin Halving, tentatively scheduled to happen on April 20, 2024.
