Bitcoin Approaches $45,000 Milestone in Remarkable Price Surge Following Introduction of Spot ETF

Bitcoin

Last Updated on 3 weeks by cryptoevent

In a noteworthy turnaround, Bitcoin (BTC) shrugged off recent pessimism and surged on Wednesday, surpassing $44,000 and hitting a four-week high as it edges closer to the coveted $45K threshold. This upward momentum was driven by a combination of factors, including renewed accumulation by significant investors, record highs in US equity markets, and an unexpected regulatory shift in Thailand.

Bitcoin’s Rally Amidst Notable Whale Activity

The day commenced with Bitcoin around $42,700, but it rapidly gained traction, reaching a peak of $44,300 – its highest point since January 12th. This 2.5% surge within 24 hours outpaced the broader cryptocurrency market’s 1.6% gain, underscoring Bitcoin’s revitalized strength. While Ether (ETH) and Cardano (ADA) experienced modest gains, Bitcoin unquestionably stole the spotlight.

The question arises: what fueled this impressive resurgence? Initially, Bitfinex analysts attributed recent price declines to increased selling by miners. However, the narrative shifted as whales, the mysterious holders of substantial Bitcoin reserves, began acquiring the digital asset.

Crypto analyst Ali Martinez, examining data from Glassnode, highlighted a multi-month high of 73 wallets holding over 1,000 Bitcoins (approximately $44 million each). This surge in whale activity signaled a renewed confidence in Bitcoin’s long-term potential.

Adding to the momentum were record-breaking performances by US stock indices. The S&P 500, Dow Jones, and Nasdaq Composite all flirted with all-time highs, generating a positive ripple effect that lifted riskier assets like Bitcoin. This synchronized surge indicated a broader investor appetite for risk, bolstering confidence among cryptocurrency enthusiasts.