Crypto News– The recent surge in Bitcoin’s Exchange-Traded Fund (ETF)-induced bull run has sparked a resurgence in substantial transactions surpassing the $100,000 mark.
Bitcoin Sees Resurgence in Institutional Investment with Annual High in 100,000+ Dollars Transactions
On October 24th, daily Bitcoin transactions exceeding $100,000 reached an impressive peak of around 23,400, propelled by growing institutional enthusiasm for the groundbreaking cryptocurrency. According to insights from IntoTheBlock, this upsurge in transactions aligns with Bitcoin’s recent rally, surpassing the $34,000 mark. Notably, these significant transactions, indicative of institutional involvement, were last observed back in June, coinciding with BlackRock’s ETF application.
Notably, the potential launch of a spot Bitcoin ETF holds the promise of luring more institutional investors into the Bitcoin market. A spot Bitcoin ETF offers investors exposure to the leading cryptocurrency without the need to possess it directly.
Nevertheless, it’s important to note that the current volume of significant Bitcoin transactions, while reaching a yearly peak, still falls notably short of the all-time high (ATH). Back in 2017, during a period when Bitcoin was trading at around $17,000, data from IntoTheBlock revealed that there were more than 345,000 large transactions.
As institutional interest in adopting Bitcoin continues to gain momentum, experts anticipate that the cryptocurrency’s price may scale new heights following the eventual approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
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