Bitcoin is about to surge $BTC
The latest report from the on-chain data monitoring platform Glassnode shows that the net outflow of Bitcoin from exchanges reached 123,000 coins in the past week, setting the largest single-week outflow record since 2020. Matthew McDermott, head of Goldman Sachs' digital asset division, confirmed to this agency that institutional clients, including sovereign wealth funds and pension funds, saw their holdings surge by 47% compared to last month, "which creates a compounding effect with the supply tightening after the 2024 halving." The open interest in Bitcoin futures on the Chicago Mercantile Exchange has surpassed $28 billion, a 40% increase compared to the peak in 2024, and derivative traders are generally betting on a breakthrough above the $150,000 mark.
On-chain analyst Willy Woo pointed out that the number of active Bitcoin addresses has exceeded 1.2 million per day, and the 30-day moving average has surpassed the peak of the 2021 bull market. ARK Invest estimates that if institutions like BlackRock maintain the current purchasing rate of 8,000 Bitcoins per day, the circulating supply on exchanges will be exhausted in 39 days. Notably, the Hong Kong Securities and Futures Commission approved the first Bitcoin spot ETF yesterday, and after the EU's Markets in Crypto-Assets Regulation came into effect, Deutsche Börse has opened Bitcoin ETN trading. The overnight interest rate swap market shows that the probability of a rate cut in September has risen to 82%, the US dollar index has fallen below the 100 mark, enhancing the attractiveness of cryptocurrencies as a hedge against inflation. The total liquidation amount across the network exceeds $920 million, and the market volatility index VIX Crypto has soared to 189, approaching historical extremes.