Increasing reliance on Bitcoin ETFs

To know the true size of the expansion of the Bitcoin network and the extent of reliance on it in daily life, the numbers provide a clear picture.

Recently, the volume of transactions based on the Bitcoin network exceeded $25 billion, which represents the highest level of the number recorded last year.

Although it is difficult for the Bitcoin price to break through the $70,000 level, the value of these transactions highlights the continued growth of the Bitcoin network.

Blockchain.com data shows that nearly 367,000 bitcoins were transferred in one day, the largest amount since June 13, 2022, when more than 519,000 bitcoins were transferred.

Although the amount of Bitcoin transferred on May 28 was lower than the previous peak, the price of the world's largest cryptocurrencies 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, approaching 597,000 transactions.

Recent data indicates that the price of Bitcoin has remained steady at around $69,000, largely due to the demand zone ranging from $66,900 to $68,900.

This price range includes over two million addresses that have collectively accumulated one million Bitcoin, making it important as this concentration of buying activity demonstrates a high level of interest and engagement from traders, creating a key support level, thus enabling the asset to maintain its value.

Increasing reliance on Bitcoin ETFs:
Concerns surrounding Bitcoin stalling below the $70,000 level failed to ignite investor sentiment, which remains bullish.

The main driver has been the launch of Bitcoin ETFs, which have attracted billions in investments since January.

Although the focus has shifted towards Ethereum ETFs, Bitcoin ETFs remain highly relevant and command the lion's share of investment inflows.