According to the latest data from digital asset analytics firm Glassnode, Bitcoin miners recently made a significant move in response to the top crypto’s resurgence above the crucial $30,000 price point.
They transferred a substantial amount of $105 million worth of Bitcoin (BTC) onto exchanges. This transaction marks the second-largest USD-denominated transfer ever recorded, indicating the scale of this movement.
Glassnode highlights an impressive 211% increase in the volume settled on the Bitcoin network year-to-date, rising from $2.16 billion to an impressive $4.56 billion. This surge in volume indicates a notable improvement in network utilization.
However, the current settlement value, despite the positive trend, remains considerably lower (-65%) than the all-time high (ATH) of $13.1 billion, which was observed during the 2021 bull market. Nonetheless, the ongoing uptrend in settlement value suggests that Bitcoin’s network is witnessing continued growth and development.
Glassnode also takes a close look at the concept of “hot supply,” which refers to the BTC that is actively participating in price discovery through trading activities. The analytics firm estimates that less than $30 billion worth of BTC is currently available for trading purposes. The median size of hot supply is approximately 0.67 million BTC, with a maximum of 2.2 million BTC, accounting for around 3.5% to 11.3% of the total supply.
Interestingly, the Perpetual Futures Open Interest, which amounts to 472,000 BTC, is similar in size to the hot supply of 511,000 BTC. This comparison suggests that there is currently a substantial volume of approximately 983,000 BTC (roughly $29.5 billion) “available” for sale, with nearly half of this supply consisting of spot Bitcoin.
Overall, these insights from Glassnode indicate that the Bitcoin market is experiencing notable activity, with miners responding to price movements and network utilization on the rise. As the crypto space continues to evolve, keeping a close eye on these key indicators can provide valuable insights into market dynamics and investor behavior.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.