Bitcoin ‘money Vessel’ Amasses $8b But Recovery Lacks Etf Inflows

Despite an $8 billion rise in realized cap, Bitcoin’s recovery lacks the continued inflows from ETFs and Michael Saylor’s Strategy as the main demand drivers, according to CryptoQuant.

Bitcoin's onchain inflows are signaling robust demand for the world’s largest cryptocurrency, with both investors and miners ramping up their activity despite the negative market sentiment since the $19 billion crypto crash.

Over the past week, Bitcoin's (BTC) realized cap rose by over $8 billion to surpass $1.1 trillion, as BTC’s realized price rose above $110,000, indicating strong onchain inflows.

Bitcoin’s realized cap measures the dollar value of all coins at their last moved price, revealing the total investment held by Bitcoin holders.

The new inflows are mainly attributed to Bitcoin treasury firms and exchange-traded funds (ETFs), according to Ki Young Ju, the founder and CEO of crypto analytics platform CryptoQuant.

However, Bitcoin's price recovery will remain limited until Bitcoin ETFs and Michael Saylor’s Strategy restart their large-scale acquisitions, wrote Ju in a Sunday X post, adding:

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Meanwhile, Bitcoin miners are expanding their operations, leading to a rising hashrate, which is a “clear long-term bullish signal” for the continued growth of the “Bitcoin money vessel,” explained Ju.

Multiple large Bitcoin miners have recently expanded their mining fleets, including the Trump family-linked American Bitcoin, which purchased 17,280 application-specific integrated circuits (ASICs) for about $314 million, Cointelegraph reported in August.

Related: Bitcoin ‘too expensive’ for retail, threatens to end bull market cycle

Source: CoinTelegraph