Bitcoin (BTC) has continued its remarkable ascent, setting new records nearly every day in the past week fueled by robust bullish momentum.
On March 14, BTC briefly surged to a new all-time high (ATH) of $73,750 around 07:00 UTC, driving its market capitalization to $1.45 trillion. Although it retraced slightly, currently trading at $73,350, the digital currency maintains significant strength.
Despite the price dip, Bitcoin’s daily trading volume experienced a 25% decline, stabilizing around $46 billion. Concurrently, total open interest in Bitcoin futures reached an unprecedented high of $33.9 billion, surpassing the previous peak in November 2021.
Data analysis from Santiment reveals a rising trend in investor accumulation, indicating a preference for long-term investment strategies over short-term profit-taking. This sentiment is reflected in increased BTC exchange inflows and outflows, with a notable surge in whale transactions exceeding $100,000 worth of BTC.
Heightened whale activity often signals potential price volatility. Despite this, the supply of BTC outside exchanges reached a new ATH of 18.78 million tokens, demonstrating strong investor confidence amidst price fluctuations.