Summary
- It was assessed that the recent surge in Bitcoin (BTC) is occurring without new on-chain demand.
- It was reported that the Bitcoin network is currently as quiet as a ghost town.
- It was stated that the upward trend is driven by capital inflows through the U.S. spot ETF and an increase in Open Interest in the futures market.
Virtual asset (cryptocurrency) market analyst Maartunn stated on the 24th (local time) via his X (formerly Twitter) that "the recent surge in Bitcoin (BTC) is occurring without an increase in new on-chain demand," and assessed that "the Bitcoin network is as quiet as a ghost town."
He continued, "This upward trend is driven by capital inflows through the U.S. spot Exchange-Traded Fund (ETF) and an increase in Open Interest (OI) in the futures market," adding that "there is almost no new visible on-chain demand."
Meanwhile, BTC is trading at $93,575.81, up 0.03% from the previous day, based on the Binance Tether (USDT) market as of 1:45 on the 25th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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