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Bitcoin reaches a new ATH, accumulation increases

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Bitcoin reaches a new ATH, accumulation increases

Bitcoin (BTC) has been consistently reaching new milestones almost every day over the past week as strong bullish momentum continues.

BTC briefly touched a new ATH of $73,750 at around 07:00 UTC on March 14 with its market cap reaching $1.45 trillion. However, the flagship digital currency slightly slipped and is trading at $73,350 at the time of writing.

Bitcoin reaches a new ATH, accumulation increases
BTC price, whale activity, exchange inflow, exchange outflow and supply outside of exchanges – March 14 | Source: Santiment

Moreover, Bitcoin’s daily trading volume recorded a 25% decline and is currently hovering around $46 billion.

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According to a report on March 13, the total Bitcoin open interest reached an all-time high of $33.9 billion, surpassing the $23 billion high of November 2021.

Data from Santiment shows that the ratio of investors accumulating Bitcoin as a long-term investment rather than short-term profit-taking has been rising over the past two days.

According to data provided by Santiment, the BTC exchange inflow increased from 51,522 to 84,620 coins over the past 24 hours. Quite similarly, the asset’s exchange outflow surged from 54,121 to 89,135 Bitcoins in the same timeframe.

On the other hand, whale transactions consisting of at least $100,000 worth of BTC rose by 12.2% over the past day — rising from 17,283 to 19,388 unique transactions in 24 hours.

When an asset’s whale activity increases, higher price volatility is usually expected.

Santiment data shows that the BTC supply outside exchanges a new ATH of 18.78 million tokens despite the high price fluctuations.

Read more: Macroeconomist: Bitcoin to hit $100k amid spot Ethereum ETF postponement