United States Bitcoin trading volume has surged to levels last seen in 2022.
As Bitcoin’s momentum increased, so did the profitability of holders.
The price of Bitcoin [BTC] has seen a sharp rise in the last few days, which has increased investor confidence in the cryptocurrency during this period. This price surge resulted in a significant increase in BTC volume.
Volumes are on the rise
Bitcoin trading volume during US hours has returned to 2022 levels, according to the latest data. The huge volume of BTC transactions in the US indicated that the US market was highly interested in Bitcoin and may even have achieved saturation.
However, in APAC (Asia Pacific), this was not the case. Volume during APAC trading hours was substantially lower. This meant that there were still many people who had not dealt with Bitcoin.
With Bitcoin’s increasing appeal, traders working during APAC hours can finally buy and trade the cryptocurrency, pushing its price to all-time highs.
It was observed that as Bitcoin started reaching its previously set record high, a lot of long-term investors were changing their holdings. Ten years ago, Bitcoin’s on-chain activity was relatively recent.
A significant shift in long-held assets was signaled by the 2,000 BTC transactions sent in block 844625.
Whales make move
This behavior by whales could increase FUD between traders and holders and have a detrimental effect on the price of BTC.
At the time of writing, Bitcoin was priced at $69,750.53, up 0.04% from the previous day.
Additionally, the speed at which it was moving had increased, indicating that Bitcoin was trading more frequently.
Sales incentives also increase along with profitability. The price of Bitcoin could be affected if holders start taking big profits. The long/short ratio is a determinant of an address’s propensity to sell Bitcoin.
The number of long-term holdings relative to short-term investors on the network is displayed by the long/short ratio.
At the time of publication, this ratio was falling, suggesting a predominance of short-term investors who are more willing to liquidate their holdings.
