Bitcoin Transactions Above $100k Reach Yearly High
Bitcoin’s current Exchange-Traded Fund (ETF) driven bull run has led to a return of substantial transactions surpassing $100,000.
On October 24, daily BTC transactions exceeding $100,000 peaked at approximately 23,400, driven by increasing institutional interest in the pioneering cryptocurrency. According to data from IntoTheBlock, this surge in transactions coincides with the asset’s recent rally above $34,000.
Institutional Interest Boosts BTC Transactions
These substantial transactions, indicative of institutional participation, were last observed in June when BlackRock filed its ETF application.
Of particular note, the potential introduction of a spot Bitcoin ETF could further entice institutional investors into the Bitcoin market. A spot Bitcoin ETF offers investors exposure to the largest cryptocurrency without the need to directly own it.
However, it’s worth mentioning that the current number of large Bitcoin transactions, while a yearly high, remains significantly below the all-time high (ATH).
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In 2017, there were over 345,000 large transactions when Bitcoin traded around $17,000, according to IntoTheBlock data.
As institutional interest in Bitcoin adoption continues to grow, experts predict that the cryptocurrency’s price could reach new heights following the eventual approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Experts Predict Bullish Trajectory for Bitcoin Price Post Spot ETF Approval
Many market experts and observers have weighed in on the potential impact of a spot Bitcoin ETF approval on the price of Bitcoin. While optimism abounds, there is a range of price predictions, with some staying conservative while others are more bullish.
Matrixport, a cryptocurrency service provider, has projected that Bitcoin’s price could rally as high as $125,000 by December 2024.
The firm attributes this expected surge to Bitcoin’s entry into its fifth bull market, which commenced on June 22. Additionally, the firm notes that expectations of increased institutional adoption largely fuel this latest bull run.
Likewise, Charles Yu, a research associate at Galaxy Digital, anticipates a 74% growth in Bitcoin’s price during the first year after the SEC approves a spot Bitcoin ETF.
Yu suggests that monthly returns could range from +3.7% to +6.2% during this initial year of ETF trading.
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