According to Glassnode’s recent reports, Bitcoin (BTC) absorbed additional capital of about $ 450 billion from November 2022, and has set a total of $ 850 billion.
The report pointed out that Bitcoin has maintained a price of over $ 100,000 seven years after $ 10,000 during the 2017 Bullan in 2017.
According to Glassnode, the growth of bitcoin realization is being promoted by an increase in roles on the global stage that attracted institutions and sovereign entities.
The report is important for the national nation involved in Bitcoin, taking into account the Bhutan, Bitcoin, which is engaged in large -scale mining operations, and its possibilities as a strategic preparatory asset. We emphasize that we emphasized as factors.
Despite continuous discussions on essential value and usefulness, bitcoin has become one of the largest global assets. The market capitalization was $ 2 trillion, exceeding the $ 1.8 trillion in silver, $ 1.8 trillion in Saudi Aramco, and a market capitalization of $ 1.7 trillion.
As the evaluation of bitcoin increases, it is necessary to maintain a bigger capital inflow to maintain the growth of the market. The real cap metric, which tracks the inflow of the cumulative stock, emphasizes the growth of bitcoin.
Bitcoin also functions as a distributed payment network. For the past year, Bitcoin Network has handled average $ 8.7 billion in a dailyed economic trading, processing a total of $ 3.2 trillion.
These metrics try to claim that bitcoin has no value and utility.
Demand has not shined yet
Since the collapse of FTX in November 2022, bitcoin dominance in digital assets ecosystem has increased from 38 % to 59 %.
Bitcoin’s market capitalization has increased from $ 363 billion to $ 1.93 trillion, but the Altcoin market has increased from $ 190 billion to $ 892 billion. Despite the high correlation between Bitcoin and Altcoin, BTC has attracted a large share to the new capital imbalance.
In addition, institutional investors prefer bitcoin, which is promoted by US spot bitcoin exchange sales funds (ETFs). This report believes that this interest is due to the lack of bitcoin and the role of hedging for the collapse of the Fiat currency.
However, the growing interest from the country and institutions was not enough to create new demand for bitcoin, which remained lower than the previous cycle.
Evolved investor behavior
According to Glassnode, new demand appears in the burst, not as a sustainable inflow like the previous cycle. Compared to the peak of 2021, smaller retail participation is decreasing, but large entities are increasing their own.
Despite the favorable market situation, Google’s search interest in bitcoin has not reached the level of 2021. Investor base is evolving, and retail participants have shown more strategic accumulation behavior.
With the introduction of SPOT Bitcoin ETF in the United States, institutional investors have gained exposure. It is managed by more than $ 40 billion and more than $ 120 billion in one year.
Bitcoin’s investor base shows resilience during the market pullback. In the current cycle, the realization loss that is lower than the previous cycle is seen, and the only important event is a circular and carry -up on August 5, 2024. The report also emphasizes that the drawdown of bitcoin is more controlled and the realized volatility is low, unlike the past cycles.
The price action of this cycle features a series of rally and the integration period following it, contributing to a more stable market structure due to mature players trading bitcoin and other cipher.
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