Bitcoin Breaks Records: Dormant Coins Awaken, Miners Surge
Bitcoin Network Activity Surges
Bitcoin's network and market dynamics are rapidly changing. The hashrate has reached a new peak, long-dormant coins are reactivating, and active supply is growing, influenced significantly by spot Bitcoin ETFs.
Recent data indicates a notable evolution in Bitcoin [BTC].
The network's hash rate has recently hit an all-time high, and previously inactive coins are returning to circulation.
Since the introduction of spot Bitcoin ETFs last year, the active supply has steadily increased, even as the estimated number of lost coins decreases.
These changes mark the early stages of a more liquid, dynamic, and maturing Bitcoin market, characterized by increased participation and evolving investor behavior.
Impact of Spot Bitcoin ETFs
The approval of spot Bitcoin ETFs in early 2024 has significantly altered on-chain behavior, particularly among long-dormant wallets.
Active supply has risen by nearly 900,000 BTC, while the estimated number of “lost” coins has fallen by over half a million.
This suggests that previously unrecoverable coins are now moving, likely driven by increased confidence and rising prices.
Long-term holders are adjusting their positions, a typical strategy during bullish market phases.
Hashrate Surges to New Heights
Bitcoin’s network hashrate has reached a new all-time high, surpassing 850 EH/s. This increase reflects growing miner confidence and enhanced network security.
The post-ETF environment is clearly reshaping Bitcoin's dynamics at the protocol level.
Market Analysis: Consolidation and Potential Breakout
Bitcoin is trading just below $120K, consolidating after its recent surge. The daily RSI is at 64, indicating strong momentum without being overbought, suggesting further room for growth.
The OBV remains steady at 1.76M, indicating consistent buying pressure during sideways movement. These indicators suggest a healthy pause rather than a reversal.
If volume increases and the RSI exceeds 70, Bitcoin could surpass its short-term resistance and begin a new rally, potentially fueled by the broader market shifts highlighted earlier.
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