Bitcoin surged to yet another all-time high, reaching $72,764, signaling a robust bull market. Notably, a significant influx of dormant coins is re-entering circulation, reinforcing the bullish sentiment.

Despite the remarkable price performance, discussions surrounding Bitcoin remain relatively subdued, suggesting potential for further price gains.

🥳📈 #Bitcoin has hit another #AllTimeHigh of $72,764. Massive dormant coins are moving back into circulation, which is a primary validator of a #bullmarket. $BTC discussions are low relative to price performance, a sign that prices can continue climbing. https://t.co/LEXPRQg6uc pic.twitter.com/LP1nAyhGz3

— Santiment (@santimentfeed) March 11, 2024

The average age of investments has seen a notable 15.1% drop in under five months, indicating a resurgence in dormant Bitcoin moving back into circulation, a trend commonly observed during bull cycles.

MicroStrategy, a prominent institutional investor, continued to bolster its Bitcoin holdings, acquiring an additional 12,000 BTC valued at $821.72 million between February 26 and March 10. 

🚨 NEWSFLASH: As of March 10, 2024, MicroStrategy holds a total of 205,000 BTC , which were purchased at an average cost of approximately $6.91 billion, translating to an average acquisition cost of $33,706 for each #Bitcoin. pic.twitter.com/ER6Oyvxz7N

— CoinEcho (@mycoinecho) March 11, 2024

With a current holding of 205,000 BTC valued at $9.9 billion, MicroStrategy’s average buying price stands at $33,706, resulting in substantial profits of up to $7.9 billion at current prices.

MicroStrategy bought another 12K $BTC($821.72M) at $68,477 from Feb 26 to Mar 10!#MicroStrategy currently holds 205K $BTC($9.9B), and the average buying price is $33,706.

At current prices, the profit is ~$7.9B!https://t.co/Wa2y09pv6F pic.twitter.com/12ZjBsZOvn

— Lookonchain (@lookonchain) March 12, 2024

In recent hours, a significant whale withdrew 2,050 BTC, worth $147.67 million, from Kraken, adding to the ongoing movement of significant amounts of BTC from exchanges. 

This whale withdrew 2,050 $BTC($147.67M) from #Kraken again 10 hours ago.

And he has withdrawn 10,340 $BTC ($742.98M) from #Kraken since Mar 1.https://t.co/Sg0jd05x3q pic.twitter.com/XHk0X6wl6f

— Lookonchain (@lookonchain) March 12, 2024

Since March 1, this whale has withdrawn a total of 10,340 BTC, amounting to $742.98 million, from Kraken alone.

$30 Billion In Long Position Faces Liquidation Fears

Analyst Ali Martinez warns of potential liquidations amounting to $30 billion in long positions across the industry if Bitcoin were to dip to $50,500, underscoring the strong bullish sentiment prevailing in the market.

An estimated $30 billion in long positions could face liquidation industry-wide if #Bitcoin falls to $50,500! pic.twitter.com/Q73x7PZdck

— Ali (@ali_charts) March 11, 2024

Furthermore, data from SoSoValue reveals significant activity in Bitcoin spot ETFs, with total net inflows reaching $505 million on March 11. While GrayscaleETF GBTC experienced a single-day net outflow of $494 million, BlackRockETF IBIT and FidelityETF FBTC saw single-day net inflows of $562 million and $215 million, respectively. 

According to SoSoValue, total net inflows into Bitcoin spot ETFs on March 11 were $505 million. GrayscaleETF GBTC had a single-day net outflow of US$494 million. The single-day net inflow of BlackRockETF IBIT was US$562 million, and the single-day net inflow of FidelityETF FBTC…

— Wu Blockchain (@WuBlockchain) March 12, 2024

The total net asset value of Bitcoin spot ETFs currently stands at $58.36 billion, reflecting continued investor interest in Bitcoin-backed investment products.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Bitcoin Reaches New All-Time High Amid Dormant Coins Resurgence appeared first on The Merkle News.

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Filed under: Bitcoin - @ March 13, 2024 4:54 am