Are you following the exciting developments in the crypto market? Bitcoin recently achieved a significant milestone, pushing past the $100,000 level. This notable BTC price action has naturally sparked questions about what’s driving the surge.
Robust Spot Demand Fuels BTC Rally Above $100k
New Glassnode data provides a key insight into the forces behind Bitcoin’s recent move. According to their analysis shared on X, the seven-day simple moving average (SMA) of Bitcoin’s spot volume delta has turned positive. This metric essentially tracks the net buying pressure on spot exchanges.
What’s particularly noteworthy is the scale of this demand. Glassnode reports this positive volume delta hitting around $5 billion. Such aggressive net taker demand – meaning buyers are willing to cross the spread and pay market price – has been observed only a few times throughout the year.
This finding is significant because it suggests the BTC rally above $100,000 isn’t purely speculative. Instead, it appears to be supported by substantial, real buying pressure on spot markets. The Glassnode data confirms that robust spot demand is playing a central role in sustaining the current Bitcoin price levels and potentially fueling further upside.
Understanding this underlying demand is crucial for anyone tracking the crypto market’s health and direction. It indicates that participants are actively accumulating Bitcoin on exchanges, providing a solid foundation for the recent price gains.
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