Bitcoin Surges Past $68K, Boosting Perpetual Futures Activity And Holder Profits

Bitcoin prices have rebounded strongly, soaring above $68,000 and sparking a surge in perpetual futures activity.

This significant appreciation in price has provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.

#Bitcoin prices have rebounded strongly, rallying over $68k and catalyzing an uptick in perpetual futures activity.

The appreciation in price has also provided much-needed relief for the Short-Term Holder cohort, with 75% of their coins now held in profit.

Discover more in the… pic.twitter.com/NGVq0Cw72E

— glassnode (@glassnode) July 24, 2024

The Bitcoin network hashrate has also been on the rise, recovering alongside the price increase. The drawdown is now 5%, compared to almost 9% just a few weeks ago, indicating a strengthening network.

#Bitcoin network hashrate has been recovering lately along with the price increase.

The drawdown is now 5% compared to almost 9% a few weeks ago. pic.twitter.com/7q0G58ljwk

— Julio Moreno (@jjcmoreno) July 23, 2024

In other notable developments, Mt. Gox has been moving substantial amounts of Bitcoin. Today, Mt. Gox transferred 32,371 BTC, valued at $2.13 billion, to the new wallet “12Gws9Es”.

A few hours later, another 2,237 BTC, worth $147 million, was moved to Bitstamp. Since July 5, 2024, Mt. Gox has transferred a total of 61,559 BTC, approximately $3.88 billion, to exchanges like Bitstamp, SBIVC, and Kraken at an average price of $63,079.

The breakdown of these transfers includes:

Mt. Gox moved 32,371 $BTC ($2.13B) to the new wallet “12Gws9Es” ~40 minutes ago.

Currently, Mt. Gox still holds 101,503 $BTC ($6.68B), including 48,641 $BTC ($3.2B) left untouched in the new wallet "3JQie", likely a #Kraken deposit.

Follow @spotonchain for more updates on… https://t.co/myHj2KxN2t pic.twitter.com/znG0gtezXX

— Spot On Chain (@spotonchain) July 24, 2024

– 2,702 BTC ($146 million) deposited to Bitstamp and SBIVC on July 5
– 48,641 BTC ($3.06 billion) moved to wallet “3JQie”, possibly a Kraken deposit, on July 16
– 5,110 BTC ($340 million) deposited to Bitstamp on July 23
– 5,106 BTC ($336 million) deposited to Bitstamp today, July 24.

We have missed some transactions from Mt. Gox, below is the more accurate number:

Since July 5, 2024, Mt. Gox has transferred out a total of 61,559 $BTC ($3.88B) to #Bitstamp, #SBIVC and #Kraken at ~$63,079:

➡️ Deposited 2,702 $BTC ($146M) to #Bitstamp and #SBIVC on Jul 5;

➡️…

— Spot On Chain (@spotonchain) July 24, 2024

On the ETF front, there has been a notable movement as well. The US ETF reported a net outflow of $78 million to Bitcoin on July 23, marking the first negative net flow in the past 13 trading days. Despite this, BlackRock’s (IBIT) ETF recorded an inflow yesterday, showing continued investor interest.