Bitcoin Transactions Surpassing $100,000 Reaches Yearly Peak
The recent surge in Bitcoin’s price, driven by the growth of its Exchange-Traded Fund (ETF), has resulted in an increase in substantial transactions exceeding $100,000. On October 24, the daily number of BTC transactions surpassing $100,000 reached its peak at around 23,400. This surge aligns with the recent rally of Bitcoin above $34,000, indicating growing institutional interest in the pioneering cryptocurrency.
Institutional Interest Fuels BTC Transactions
These substantial transactions, which signify institutional participation, were last observed in June when BlackRock filed its ETF application. The potential introduction of a spot Bitcoin ETF holds the promise of attracting more institutional investors to the Bitcoin market. With a spot Bitcoin ETF, investors can gain exposure to the largest cryptocurrency without the need to directly own it.
Despite reaching a yearly high, the current number of large Bitcoin transactions still falls significantly short of the all-time high (ATH) recorded in 2017. At that time, there were over 345,000 large transactions when Bitcoin traded around $17,000. As institutional interest in Bitcoin adoption continues to grow, experts predict that the cryptocurrency’s price could reach new heights following the eventual approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Experts Forecast Bullish Trajectory for Bitcoin Price After Spot ETF Approval
Many market experts and observers have shared their insights on the potential impact of a spot Bitcoin ETF approval on the price of Bitcoin. While optimism prevails, there is a range of price predictions, with some being conservative while others are more bullish.
Matrixport, a cryptocurrency service provider, has projected that Bitcoin’s price could rally as high as $125,000 by December 2024. The firm attributes this expected surge to Bitcoin’s entry into its fifth bull market, which began on June 22. Increased institutional adoption is cited as a significant catalyst for this ongoing bull run.
Charles Yu, a research associate at Galaxy Digital, also anticipates a 74% growth in Bitcoin’s price during the first year following SEC approval of a spot Bitcoin ETF. Yu suggests that monthly returns during this initial year of ETF trading could range from +3.7% to +6.2%.
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Bitcoin’s growing institutional interest is paving the way for increased transaction volumes and the potential for a significant price surge. As more institutions enter the market, the demand for Bitcoin continues to grow, driving its value higher. With the anticipation of a spot Bitcoin ETF approval, the cryptocurrency market is poised for further growth. Stay updated with the latest news and trends in the crypto world at Uber Crypto News.