Bitcoin Sees Surge In Active Addresses And Institutional Interest

Bitcoin has witnessed a notable resurgence in active addresses since September, marking a significant turnaround from a period of subdued performance.

The metric for Bitcoin Active Address Momentum has surpassed both monthly and yearly moving averages, indicating a robust increase in user engagement and potential demand. Historically, such trends have been associated with bullish cycles in the cryptocurrency market.

New whale wallets are now holding a substantial amount of Bitcoin, totaling 1.97 million BTC. Each of these wallets contains over 1,000 BTC, with an average coin age of less than 155 days, excluding those held by exchanges and miners, suggesting they are likely custodial in nature.

These wallets have collectively seen an 813% surge in BTC balance year-to-date, accounting for 9.3% of the total Bitcoin supply, valued at approximately $132 billion as of today.

Institutional interest in Bitcoin has also been on the rise. Over the past two trading days, Spot Bitcoin ETFs have added over $600 million worth of Bitcoin to their holdings, contributing to a total Assets Under Management (AUM) of around $60.0 billion, including Grayscale.

Tesla made headlines recently by transferring its entire Bitcoin holdings—11,509 BTC, currently valued at $773 million—to seven new wallets after two years of dormancy. This move, speculated to be for administrative purposes, underscores Tesla’s continued involvement in the cryptocurrency space.

Elon Musk Reconfirms His Commitment To Bitcoin, Ethereum And Dogecoin 

Elon Musk, CEO of Tesla and a prominent Bitcoin advocate, has reaffirmed his commitment to Bitcoin, Ethereum, and Dogecoin, describing Bitcoin as his “safe word” and stating he has no plans to sell his holdings.

According to analyst Ali Martinez, if Bitcoin manages to surpass the $67,400 mark, the next potential local top could be around $86,600, reflecting optimistic projections amidst current market conditions.

With Bitcoin recently crossing $68,000 for the first time since July 29th, the focus now shifts to when it might surpass its all-time high of $73,700, amid ongoing market dynamics and institutional inflows.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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