More than $100k worth of bitcoin transactions are reaching highs every year
The current bitcoin exchange-traded fund (ETF)-led bull run has seen a major trade retracement above $100,000.
BTC transactions above $100,000 rose to about 23,400 on October 24, fueling increasing institutional interest in the pioneering cryptocurrency. According to data from IntoTheBlock, this surge in transactions coincides with the asset's rally above $34,000.
Institutional demand will increase BTC transactions
These significant transactions, indicative of institutional participation, were seen in June when BlackRock filed its ETF application.
Of particular note, the introduction of a Bitcoin ETF position could further entice institutional investors into the Bitcoin market. One place Bitcoin ETF offers investors the greatest cryptocurrency exposure without the need to own it directly.
However, it is worth noting that the current number of large bitcoin transactions, while at a yearly high, remains well below the all-time high (ATH).
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In 2017, when Bitcoin traded around $17,000, there were more than 345,000 large transactions, according to IntoTheBlock data.
As institutional demand for Bitcoin adoption continues to grow, experts predict the cryptocurrency's price could reach new highs following the US Securities and Exchange Commission's (SEC) final approval of the Bitcoin ETF space.
Experts Predict Bullish Trajectory for Bitcoin Price Post Spot ETF Approval
Many market experts and observers have weighed in on the potential impact that the approval of a Bitcoin ETF will have on the price of Bitcoin. Despite the optimism, there are a variety of price forecasts, some remaining conservative and others more bullish.
Cryptocurrency provider Matrixport predicted that the price of Bitcoin could reach $125,000 by December 2024.
The firm attributed this expected increase to Bitcoin entering its fifth bull market.
Similarly, Charles Yu, a research associate at Galaxy Digital, expects a 74% increase in the price of Bitcoin in the first year after the SEC approves the Space Bitcoin ETF.
Yu suggests that monthly returns in the first year of trading this ETF could range from +3.7% to +6.2%.
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