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As Bitcoin [BTC] emerges victorious amidst banking crisis, will it reclaim $30k

  • There was a sharp uptick in BTC’s balance on Binance exchange.
  • Over the last week, the king coin recorded gains of 7.34% although it struggled to break through $30,000.

Bitcoin [BTC]‘s network activity exploded since the start of 2o23 as it recovered from the depths of 2022 bear market. As per a research analyst, the number of daily transactions on the network was poised to reach its highest level since the bull market of December 2017. A big factor fueling this exponential growth was the growing activity around BTC Ordinals.

At the time of writing, BTC exchanged hands at $29,342, with a marginal 24-hour drop of 0.28% per CoinMarketCap. Over the last week, the king coin recorded gains of 7.34%, although it struggled to break through $30,000.

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Growing interest in the crypto market

Blockchain analytics firm Glassnode revealed a sharp uptick in BTC’s balance on Binance exchange over the previous month. Of many things, this behavior implied a growing appetite for risk-based assets in the market.

The spate of banking collapses in March led investors to put their funds in the crypto market and see BTC as a hedge against traditional finance. The king coin soared 21% during March, hitting the $28,000 mark for the first time since June 2022.

As another high-profile banking entity, First Republic Bank, stares at a downfall, the crypto market in general and BTC in particular would be hoping to attract disgruntled investors from traditional markets.

Source: Glassnode

BTC’s exchange supply

The spike in balance held on Binance was not a worrying sign yet as there was a noticeable divergence between BTC’s supply on exchanges and outside of it. This indicated that investors preferred hodling their coins instead of dumping it.

Source: Santiment

The exchange Whale Ratio is the relative size of the top 10 inflow transactions to total inflows, according to CryptoQuant. During the bull market, it typically keeps below 85%.

At the time of writing, 39% of the total inflows came from large addresses, reflecting a bullish sentiment for BTC.

Source: CryptoQuant

How much are 1,10,100 BTCs worth today?

BTC in derivatives market

Speculative interest for BTC increased as the Open Interest (OI) for BTC futures increased 8% to $11.81 billion over the last two days.

However, funding rates across some exchanges turned negative, implying growing dominance for bearish leveraged traders.

Source: Coinglass

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