© Reuters. Key reasons why Bitcoin (BTC) hashrate reached unprecedented heights
U.Today – , the largest cryptocurrency by market cap, has set an all-time high, but not yet in terms of price.
On-chain analytics platform Glassnode observes that Bitcoin hashrate continues its aggressive expansion, achieving an ATH value above 600 EH/s. This equates to 600 quintillion guesses every second in an attempt to solve the block puzzle.
The rise in Bitcoin hashrate is due to the excitement surrounding the launch of the first set of Bitcoin spot ETFs in the US.
After months of speculation, the Bitcoin asset class has entered a new era with the SEC's approval of 11 Bitcoin spot ETFs for listing and trading.
Eleven spot Bitcoin ETFs began trading Thursday morning, including BlackRock's (NYSE:) iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, and $4.6 billion in shares changed hands shortly after. .
According to data from IntoTheBlock, Bitcoin on-chain volume has reached its highest level since the FTX collapse. As of Wednesday, Bitcoin had a total volume of $60 billion, driven almost exclusively by large transactions.
Other Bitcoin Metrics Rise
According to Glassnode, capital continues to flow into the Bitcoin asset class, with a realized cap of $438 billion, just 6.4% behind its all-time high. This is the largest 30-day percentage gain since December 2021, indicating new demand is entering the market.
On-chain settled volume is also increasing, with more than $5.7 billion in economic transfers settled each day. This sentiment is shared by exchange flows, which currently reach $4.6 billion in daily inflows and outflows, indicating a growing increase in investment activity.
Futures open interest remains high at $17.6 billion, with only 146 trading days since November 2020 recording a higher figure.
At the time of writing, BTC price was down 2.95% in the last 24 hours to $45,708 after reaching highs of $49,102 in yesterday's trading session.
This article was originally published on U.Today.
