Bitcoin Transactions Hit Yearly High: Over $25 Billion Transferred

While the price of Bitcoin is stagnant below a major resistance level, the blockchain has achieved a remarkable milestone before the end of the month.

On May 28, transactions on the Bitcoin network exceeded $25 billion in estimated value, marking the highest level in US dollar terms over the past year. Despite facing hurdles in breaking through crucial resistance, this significant spike in transaction value highlighted the continued growth of its network activity and adoption.

Record day for Bitcoin

Blockchain.com data shows that nearly 367,000 bitcoins were transferred that day, the largest amount since June 13, 2022, when more than 519,000 bitcoins were transferred.

although amount The price of Bitcoin moved on May 28 was below the previous peak, and the price of the world's largest digital asset above $69,000 resulted in a significant total transaction value of $25.5 billion.

Despite this peak in transaction value, the actual number of transactions remained fairly typical, at close to 597,000 transactions.

Recent data also indicated that Bitcoin price remained steady at around $69,000, largely due to the demand zone ranging from $66,900 to $68,900.

This price range includes more than 2 million addresses that have collectively accumulated 1 million Bitcoin, making it significant because this concentration of buying activity demonstrates a high level of interest and engagement from traders, creating a key support level, thus enabling the asset to maintain its value. Current valuation amid market volatility.

Reliance on spot Bitcoin ETFs grows amid declining buzz

Concerns surrounding Bitcoin stalling below the $70,000 level failed to dampen investor sentiment, which remains bullish. The main driver has been the launch of Bitcoin ETFs, which have attracted billions in investments since January. Although the focus has shifted towards Ethereum ETFs, Bitcoin ETFs remain highly relevant.

A recent report highlighted that a university professor had… convinced The Wisconsin Investment Board is investing $160 million in a Bitcoin exchange-traded fund, viewing it as a strategic entry point.

In an interview, the professor praised the US Bitcoin ETF launched in January, noting that its approval has opened up greater opportunities for investors and is attracting more institutional interest. He added that the introduction of these funds has created significant investment opportunities and is attracting more attention to Bitcoin as a viable investment asset.

Meanwhile, trading analyst Peter Brandt expects Bitcoin to reach $130,000 by 2025, noting that its current rise reflects previous post-halving cycles.