Bitcoin has soared past $120,480 today, gaining 1.48% in 24 hours, as trading volume reached $87.95 billion. The rally comes following Trump Media’s updated S-1 filing for a Bitcoin ETF, with Crypto.com stepping in as the custodian. Also, another catalyst could be BlackRock hitting a $80 billion milestone with their ETF back in July.
Moreover, French-listed Capital B has just purchased 126 BTC for a cool $14.4 million, bringing their total holdings to 2,201 BTC. MicroStrategy also jumped in, adding 155 BTC on August 11.
Blockchain and intelligence platform Glassnode shared insights over X. According to the platform, volatility spread is at 10.45, indicating some moderate price fluctuations. Meanwhile, spot volume has descended to $5.71 billion, which may signal the market entering a consolidation.
Despite the fluctuations, ETF trade volume has reached $13.73 billion each week, and the realized profit-to-loss ratio stands at 1.92. This indicates that investors are managing to secure almost double the profits compared to their losses.
Market Signals Point to Strength and Caution
The off-chain metrics show improvement. The spot Cumulative Volume Data (CVD) registered a 94% gain; the futures perpetual CVD rose 88%, and ETF outflows dropped 55% to $312 million. However, the spot volumes fell down 22% in a week-on-week; hence, wide participation has not yet returned.
On-chain activity is on the rise, with active addresses increasing by 8% to reach 793,000, and transaction fees climbing 10% each week. Interestingly, 94% of the total supply is currently in profit, but this high level of profitability also raises the chances of quick profit-taking.
According to CryptoQuant analyst ShayanBTC7, there has been a change in the BTC futures market. Retail investors are currently the most dominant instead of being dominated by whales.
As per the data, late 2024 was dominated by rallies from the big whales, and recently, there has been a different turn with smaller orders by retail investors making headlines. The large holders are sitting tight, either hoping for prices to go lower to enter at better levels or maybe speculating on an upside.
Also Read: DigitalX To Expand Bitcoin Holdings Despite ASX Breach Claims
