Bitcoin Onchain Data Shows Increased Activity
Bitcoins onchain inflows are rising, indicating resilient demand for the worlds largest cryptocurrency, even in the face of recent negative sentiment following a $19 billion crypto market crash.
Realized Cap Surpasses $1.1 Trillion
Last week, Bitcoins realized capmeasuring the aggregate value of all coins at their last moved pricegrew by more than $8 billion, surpassing $1.1 trillion. This metric highlights the total investment held by current Bitcoin holders. The realized price per bitcoin also climbed above $110,000, marking strong inflows.
Institutional and Miner Involvement Drives Growth
According to Ki Young Ju, CEO of analytics firm CryptoQuant, the primary sources of these new inflows are Bitcoin treasury companies and exchange-traded funds (ETFs). However, Ju suggests that Bitcoins price recovery may be limited until major playersincluding ETF issuers and firms like Michael Saylors MicroStrategyresume significant asset acquisitions.
Miners are also expanding their operations. Large mining firms have grown their hardware fleets, with entities including a Trump family-linked company purchasing over 17,000 ASIC devices for about $314 million, as reported by Cointelegraph. The rising hashrate fueled by these expansions is seen as a long-term positive sign for the Bitcoin network.
Market Sentiment and Near-Term Outlook
Despite the $8 billion in onchain inflows, overall investor sentiment remains low after the early October market crash. Recent policy updates, including a statement on a trade agreement between the United States and China, have yet to change investor outlook.
Looking ahead, analysts at Bitfinex suggest that renewed ETF inflows and potential monetary policy easing by the Federal Reserve could drive Bitcoins price toward $140,000 by November. They list possible catalysts such as two expected Fed rate cuts, seasonal fourth-quarter strength, and heightened ETF interest. However, they also warn that risks remain, especially around tariffs and global geopolitical developments.
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