Bitcoin Reaches New All-Time High Amid Dormant Coins Resurgence

Bitcoin surged to yet another all-time high, reaching $72,764, signaling a robust bull market. Notably, a significant influx of dormant coins is re-entering circulation, reinforcing the bullish sentiment.

Despite the remarkable price performance, discussions surrounding Bitcoin remain relatively subdued, suggesting potential for further price gains.

The average age of investments has seen a notable 15.1% drop in under five months, indicating a resurgence in dormant Bitcoin moving back into circulation, a trend commonly observed during bull cycles.

MicroStrategy, a prominent institutional investor, continued to bolster its Bitcoin holdings, acquiring an additional 12,000 BTC valued at $821.72 million between February 26 and March 10. 

With a current holding of 205,000 BTC valued at $9.9 billion, MicroStrategy’s average buying price stands at $33,706, resulting in substantial profits of up to $7.9 billion at current prices.

In recent hours, a significant whale withdrew 2,050 BTC, worth $147.67 million, from Kraken, adding to the ongoing movement of significant amounts of BTC from exchanges. 

Since March 1, this whale has withdrawn a total of 10,340 BTC, amounting to $742.98 million, from Kraken alone.

$30 Billion In Long Position Faces Liquidation Fears

Analyst Ali Martinez warns of potential liquidations amounting to $30 billion in long positions across the industry if Bitcoin were to dip to $50,500, underscoring the strong bullish sentiment prevailing in the market.

Furthermore, data from SoSoValue reveals significant activity in Bitcoin spot ETFs, with total net inflows reaching $505 million on March 11. While GrayscaleETF GBTC experienced a single-day net outflow of $494 million, BlackRockETF IBIT and FidelityETF FBTC saw single-day net inflows of $562 million and $215 million, respectively. 

The total net asset value of Bitcoin spot ETFs currently stands at $58.36 billion, reflecting continued investor interest in Bitcoin-backed investment products.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: kebox/123RF // Image Effects by Colorcinch

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