Bitcoin's Recent Surge Indicates Resilience, Affirms Glassnode - Understanding the Analysts' Perspective
Hey there, crypto enthusiasts! Let's dive into the latest crypto happenings, shall we?
First off, Glassnode, a renowned crypto analytics firm, has shared some hot insights on the current Bitcoin (BTC) and Ethereum (ETH) rallies. According to their analysis, the ongoing Bitcoin rally appears solid, as the first buyers and momentum buyers continue to demonstrate strong engagement. Profit takers, while active, are merely moderate – a good sign that the market is supported by new and trend-following participants, with minimal distribution pressure.
Interestingly, US spot Bitcoin exchange-traded funds (ETFs) recorded a massive net inflow of 31,323 BTC worth $2.9 billion during the previous week. This influx underscores renewed institutional engagement with Bitcoin, even at elevated price levels.
As for Ethereum, the second-largest crypto by market cap, Glassnode noticed the second-largest crypro's first meaningful uptick in first buyers since February. However, profit takers are also becoming more active, providing context for ETH's recent price stall.
At the time of writing, Bitcoin is trading at an impressive $95,370, up nearly 1.5% in the last 24 hours. Ethereum, on the other hand, is trading at $1,827 and is up more than 3% in the same timeframe.
Hold on tight, folks! The crypto world is always full of exciting twists and turns.
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- Cryptocurrency trading has been indicating a surge in engagement, particularly with Bitcoin (BTC) and Ethereum (ETH), as highlighted by the latest analysis by Glassnode, a leading crypto analytics firm.
- Interestingly, altcoins too seem to be catching up, with notable increase in first buyers for Ethereum (ETH) since February, a positive sign for the broader crypto market.
- In the financial world, US spot Bitcoin exchange-traded funds (ETFs) witnessed a substantial inflow of 31,323 BTC worth $2.9 billion in just a week, demonstrating renewed institutional interest in Bitcoin despite the elevated price levels.
- Disclaimer: The provided information should not be considered as financial advice, investment recommendations, or any form of sponsored content. Always conduct your own research before making any investment decisions.
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