Bitcoin (BTC) has seen a remarkable spike in its hash rate and other core network data following the emergence of 11 spot Bitcoin Exchange Traded Fund (ETF) products in the United States.
According to data from crypto insights provider Glassnode, the Bitcoin hash rate has reached a new All-Time High (ATH) of over 600 EH/s. This Bitcoin hash rate has been on a consistent uptrend since at least July 2021, proving to be the most consistent network metric, irrespective of market cycles.
The Bitcoin hash rate is a measure of the network health, and it increases when the number of nodes plugging into the system grows. With the upcoming halving event, more Bitcoin mining companies are bolstering their position in the network, helping to send the hash rate to new highs.
Network Transactions Hit the Roof
Besides the more than $4 billion in total trades settled in the Bitcoin ETF market, the Glassnode data also revealed that Bitcoin transactions or volume settled on-chain soared above $5.7 billion.
Volume settled on-chain continues to rise with over $5.7B of economical transfers settled per day.
This sentiment is also echoed across Exchange Flows which are currently experiencing $4.6B of Inflows / Outflows per day, highlighting the growing increase in investor activity. pic.twitter.com/K2T8yyHusJ
— glassnode (@glassnode) January 11, 2024
“This sentiment is also echoed across Exchange Flows, which are currently experiencing $4.6B of Inflows / Outflows per day, highlighting the growing increase in investor activity,” the Glassnode highlight reads.
The broad-based Bitcoin ETF approval hype around the market is also amplified through the Futures Open Interest. According to Glassnode, this figure stands at a massive $17.6 billion, and from November 2020 till January 11, only 146 trading days had a larger value overall.
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The encompassing uptick in growth of the Bitcoin network also showed in the inflow of capital into the market, with a total of $438 billion in realized market cap recorded. According to Glassnode, this figure is just about 6.4% away from its All-Time High (ATH) and comes off as the largest 30-day increase since December 2021.
Bitcoin Price Bucks the Trend
While the Bitcoin network is seeing impressive growth, Bitcoin price has deviated from the trend. At the time of writing, Bitcoin is down by 4.35% in the past 24 hours to $44,029.46. Market cap has slumped by an equal rate to $863,925,639,472, while the trading volume has also dropped by more than 41% to $35,136,990,967.
The unprecedented swing underscores the volatility of the market and the potential “sell the news” event that experts believe will come before the imminent price surge.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2024/01/13/bitcoin-hash-rate-and-network-data-responds-to-etf-debut/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-hash-rate-and-network-data-responds-to-etf-debut