As traditional finance integrates cryptocurrency through innovations like Bitcoin exchange-traded funds (ETFs) and crypto debit cards, Bitcoin has surged in trading volume, rivalling giants like Visa and Mastercard.
Recently, Bitcoin’s daily trading volume reached $46.4 billion, surpassing Visa’s $38.9 billion and Mastercard’s $24.7 billion as of July 18, 2024.
Despite these milestones, Bitcoin still trails behind assets like gold and the S&P 500, which command daily volumes of approximately $162.6 billion and $253 billion respectively.
Moreover, recent on-chain data from Santiment shows a decline in Bitcoin holders by 672,510 compared to the previous month, indicating cautious sentiment among traders amidst price fluctuations.
While this reduction in holders might suggest uncertainty, metrics from IntoTheBlock reveal sustained growth in long-term Bitcoin holders, reaching an all-time high of 37.67 million in July 2024.
This shift underscores evolving investor behavior and the growing integration of Bitcoin into the global financial landscape.
After more than four weeks of uninterrupted investor enthusiasm, BlackRock’s iShares Bitcoin Trust has reported its steepest daily outflow since its inception, signaling a potential shift in sentiment.
Pakistan’s aggressive embrace of Bitcoin mining has drawn scrutiny from the International Monetary Fund (IMF), which is now demanding clarity on the country’s allocation of 2,000 megawatts of electricity to digital assets and AI infrastructure.
A new analysis from China’s International Monetary Institute (IMI) suggests that Bitcoin is quietly gaining ground as a serious player in the global reserve system.
Bitcoin may be on the verge of a major supply squeeze, with dwindling availability and accelerating institutional interest setting the stage for potentially explosive price action, according to Sygnum Bank’s Katalin Tischhauser.