🚀Bitcoin is on a roll, folks! 🚀 Over the past year, the crypto giant has seen a surge in spot trade volume and exchange deposit and withdrawal volumes, supporting its strong performance. Even though 2023 saw net selling activity on the taker side, corrections have been historically mild and less than 20%. 📉

🎉 Bitcoin prices have been consolidating between $64k and $73k over the last week. The US Spot ETFs, which went live in early January 2024, have brought an uptick in new demand. Daily volumes peaked at ~$14.1B in mid-March as the market reached the $73k ATH. 🎉

🔍 The overall market momentum can be assessed using a simple slow/fast-moving average model applied to spot volumes. The YTD performance is supported by strong demand in spot markets, similar to the 2021 bull run. The on-chain transfer volumes deposited 🔴 or withdrawn 🟢 from exchanges also show positive momentum. 🔍

📈 The new US Spot ETFs have become a dominant force in the market, introducing a significant source of new demand. This has more than offset the daily issuance, as well as sell-side pressure from GBTC and existing holders. Spot trade volumes 🟧 and ETF trade volumes 🟦 show a strong correlation. 📈

🔔 The Spot Cumulative Volume Delta (CVD) is a useful tool to characterize spot markets. It describes the net bias in market taker buy vs sell volume. By mid-March, the spot volume delta reached +$143.6M, indicating a major shift towards a net buy-side bias. 🔔

🔥 The strong performance of Bitcoin over the last 12-18 months is supported by a meaningful uptick in trade volumes. The capital held within the Bitcoin holder base is roughly balanced between long-term holders and new demand. This suggests that the ‘Euphoria’ phase is still relatively early from a historical perspective. 🔥

Remember, folks, this is not investment advice. It's just a snapshot of the exciting world of Bitcoin! 🚀🌕