Bitcoin annual transaction volume hits record high; online transfer volume exceeds US$25 billion

On May 28, Bitcoin holders transferred more than 367,000 BTC.

While Bitcoin’s price stalled below key resistance levels, the blockchain network achieved a notable development milestone before the end of the month.

On May 28, transaction volume on the Bitcoin network exceeded an estimated value of $25 billion, the highest level in U.S. dollars over the past year. The significant surge in transaction value highlights the continued growth in activity and adoption of its network, despite facing hurdles to break through key resistance.

Bitcoin’s record day

Data from Blockchain.com shows that approximately 367,000 were transferred that day BTC, this is the largest amount since June 13, 2022, when more than 519,000 BTC were transferred.

Although the number of Bitcoins transferred on May 28 was less than previous peaks, the price of the world’s largest digital asset exceeded $69,000, resulting in a total transaction value of $2.55 billion.

Despite the peak transaction value, the actual number of transactions is still fairly typical at close to 597k.

Further recent data shows that Bitcoin price has been holding steady around $69,000, largely due to the demand area from $66,900 to $68,900.

This price range includes over 2 million addresses that have collectively accumulated 1 million BTC, which is important as this concentration of buying activity shows a high level of interest and engagement from traders, establishing a major support level that brings the asset to bear. Able to maintain its current valuation amid market volatility.

As enthusiasm for Bitcoin wanes, spot Bitcoin ETF adoption grows

Concerns about Bitcoin stalling below $70,000 have not affected investor sentiment, which remains bullish. A key driver has been the launch of spot Bitcoin ETFs, which have attracted billions of dollars in investment since January. Although the focus has turned to spot Ethereum ETFs, Bitcoin ETFs remain very relevant.

A recent report highlighted that a university professor convinced the Wisconsin Investment Commission to invest $160 million in a Bitcoin ETF, viewing it as a strategic entry point.

In an interview, the professor praised the launch of a U.S. spot Bitcoin ETF in January, noting that its approval opened up more opportunities for investors and attracted more institutional interest. He added that the introduction of these funds creates significant investment opportunities and attracts more attention to Bitcoin as a viable investment asset.

Meanwhile, trading analyst Peter Brandt predicts that the price of BTC could reach $130,000 by 2025, noting that its current bull run is similar to previous halving cycles.

Conclusion:

Bitcoin trading volume hit a new yearly high, showing activity and investor confidence in the cryptocurrency market despite facing key headwinds on price. High trading volume and stable price support areas reflect continued investor demand and trust in Bitcoin, indicating that despite market volatility, underlying confidence remains intact.

The launch of spot Bitcoin ETFs and continued institutional adoption are further evidence of Bitcoin’s appeal as an investment vehicle. As technology advances and the regulatory environment improves, Bitcoin and its related financial products are expected to continue to play an important role in the global financial landscape, driving financial innovation and market growth.

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