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After months of anticipation, Bitcoin officially entered a new era with the Securities and Exchange Commission’s (SEC) approval for the listing and trading of 11 Spot Bitcoin ETFs. This significant development marks a pivotal moment that shapes the trajectory of the cryptocurrency market and affects various on-chain metrics.
Chain Dynamics Post-Bitcoin ETF Approval: An In-Depth Review
Glassnode today compiled developments related to the Bitcoin ETF approval and its aftermath. The Bitcoin Hash power, a key indicator of network security and computational power, surpassed 600 EH/s, reaching its highest value of all time (ATH). To put this into perspective, this means an astonishing 600 quintillion guesses per second in the ongoing quest to solve the Block puzzle.
Concurrently, the volume on the chain is also showing a steady increase, with over $5.7 billion in economic transfers occurring daily. This rising trend underscores the ongoing utility and transaction activity on the Bitcoin network.
Growing Investor Activity: Exchange Flows and Futures Open Positions
Exchange Flows, with daily inflows and outflows of $4.6 billion, provide more insight into increasing investor activity. This dynamic movement highlights the growing participation and decision-making process among market participants.
While open positions in Futures maintain a high level at $17.6 billion, this figure is significant considering that only 146 trading days since November 2020 recorded a higher value. Interestingly, this period coincides with the peak of 2021 and the subsequent ATH. Moreover, there is a positive development in the collateral structure of Futures contracts, with only 21.8% of open positions using crypto-focused collateral.
Steady Capital Inflow: Realized Cap and Price Dynamics
Capital continues to flow steadily into the Bitcoin asset, with the realized capital value reaching $438 billion. This figure, which is only 6.4% of its ATH, indicates a strong capital inflow and points to the largest 30-day percentage increase since December 2021, suggesting an increase in new demand entering the market.
With the repricing of cryptocurrencies, both the realized price and the price realized by short-term holders have increased. Dynamic pricing confirms the new demand flow, highlighting the evolving market environment.
In conclusion, the SEC’s approval of Spot Bitcoin ETFs has triggered a series of influential changes within the Bitcoin ecosystem. The increase in hash power, on-chain volume, and capital inflows, combined with nuanced improvements in collateral structures, paints a comprehensive picture of the evolving dynamics. As Bitcoin continues to navigate this new phase, monitoring these metrics becomes increasingly important for investors looking to understand and adapt to emerging market trends.
