While bitcoin’s price stagnated below a key resistance level, the blockchain achieved a notable milestone before the end of the month.
On May 28th, transactions on the Bitcoin network surpassed $25 billion in estimated value, representing the highest level in US dollar terms over the past year. Despite facing hurdles in breaching the crucial resistance, this significant spike in transaction value highlighted the continued growth of its network activity and adoption.
Record Day for Bitcoin
Blockchain.com data shows that approximately 367,000 BTC were transferred on that day, the largest amount since June 13, 2022, when more than 519,000 BTC were moved.
Although the amount of Bitcoin moved on May 28 was less than the previous peak, the price of the world’s largest digital asset above $69,000 led to a significant total transaction value of $25.5 billion.
Despite this peak in transaction value, the actual number of transactions remained fairly typical, hovering close to 597k.
Recent data further indicated that bitcoin’s price has remained steady around $69,000, largely attributable to a demand zone ranging from $66,900 to $68,900.
This price range includes over two million addresses that have collectively accumulated a million BTC, which makes it significant as such concentration of buying activity demonstrates a high level of interest and engagement from traders, establishing a major support level, thereby enabling the asset to maintain its current valuation amidst market volatility.
Growing Adoption of Spot Bitcoin ETFs Amid Waning Buzz
Concerns surrounding Bitcoin stalling below $70,000 have failed to faze investor sentiment, which continues to remain bullish. A key driver has been the launch of spot Bitcoin ETFs, which have attracted billions in investments since January. Although the focus has shifted towards spot Ethereum ETFs, Bitcoin ETFs remain highly relevant.
A recent report highlighted that a University professor has persuaded the State of Wisconsin Investment Board to invest $160 million in a Bitcoin ETF, viewing it as a strategic entry point.
In an interview, the professor praised the US spot Bitcoin ETF launched in January, noting that its approval has opened up greater opportunities for investors and is attracting more institutional interest. He added that the introduction of these funds has created significant investment opportunities and is drawing more attention to Bitcoin as a viable investment asset.
Meanwhile, trading analyst Peter Brandt predicted that BTC could reach $130,000 by 2025, noting that its current bull run mirrors previous post-halving cycles.
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