Bitcoin Transactions Hit $25 Billion Milestone Amid Price Stability
The Bitcoin network achieved a significant milestone as transactions surpassed $25 billion in estimated value, marking the highest level in US dollar terms over the past year. Despite facing resistance in price movement, this surge in transaction value underscores the continued growth and adoption of the Bitcoin network.
Notable Spike in Network Activity
Blockchain.com data reveals that approximately 367,000 BTC were transferred on May 28th, the largest amount since June 13, 2022. While this volume was lower compared to previous peaks, the price of Bitcoin hovering above $69,000 contributed to a substantial total transaction value of $25.5 billion.
Steady Price and Concentrated Buying Activity
Bitcoin's price has remained steady around $69,000, supported by a demand zone ranging from $66,900 to $68,900. This range encompasses over two million addresses collectively holding a million BTC, indicating significant buying activity and establishing a robust support level amidst market volatility.
Growing Adoption of Bitcoin ETFs
The launch of spot Bitcoin ETFs has been a key driver of investor sentiment, attracting billions in investments since January. Despite the recent focus on spot Ethereum ETFs, Bitcoin ETFs continue to garner significant attention and investments.
Institutional Interest in Bitcoin ETFs
A university professor successfully persuaded the State of Wisconsin Investment Board to invest $160 million in a Bitcoin ETF, viewing it as a strategic investment opportunity. The professor praised the introduction of US-spot Bitcoin ETFs, citing increased institutional interest and expanded investment opportunities.
Predictions and Bullish Sentiment
Trading analyst Peter Brandt predicts that Bitcoin could reach $130,000 by 2025, drawing parallels between its current bull run and previous post-halving cycles. Despite concerns about Bitcoin's price stagnation, investor sentiment remains bullish, fueled by the growing adoption of Bitcoin ETFs and optimistic price predictions.
