The Bitcoin price is up 1% in the past 24 hours to trade for ,093 as of 01:10 a.m. EST. Trading volume is down 12% as traders come out of an eventful weekend after Bitcoin price moved from the ,000 ,000 range on Saturday, liquidating over 5 million positions on that day alone. The surge came after reports that Grayscale Bitcoin exchange-traded fund (ETF), GBTC, had experienced its first inflow after a record 77 deadlock days. Grayscale's $GBTC saw a significant inflow of .1 million, the first since its anticipated conversion to an ETF. This could be a sign of renewed institutional interest in #Bitcoin pic.twitter.com/rE24On6EmA — Ajay Kashyap (@EverythingAjay) May 5, 2024 Other bullish catalysts for the Bitcoin price include reports that Hong Kong asset managers had scooped up BTC ETFs despite having a similar investment product of their own. The asset managers are Yong Rong Asset Management and Ovata Capital Management. The former has million worth of BlackRock’s iShares Bitcoin Trust (IBIT), while the latter invested in four other Spot BTC ETFs with a value of more than million. While you sold your $BTC, Bitcoin whales snapped up 47,000 BTC in just 24 hours, worth a whopping .7 billion! pic.twitter.com/NmP0uoaABW — Kyledoops (@kyledoops) May 3, 2024 Michael Saylor, the founder of MicroStrategy, also helped prop up Bitcoin price in the days leading up to the weekend. Specifically, he dissed other crypto assets, including XRP, ETH, BNB, SOL, and ADA, saying, “None of them will ever be wrapped by a spot ETF[…]accepted by Wall Street[…]or mainstream institutional investors as crypto assets”. For BTC, however, Saylor highlighted in the webinar that there is no second best to BTC. #Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J — Michael Saylor⚡️ (@saylor) May 2, 2024 With these fundamentals on Friday, bullish sentiment frothed in the BTC market across the weekend, sending the Bitcoin price above the ,000 threshold. Amidst the same euphoria, the Bitcoin network surpassed the one billion threshold in terms of transactions, which marks a landmark achievement for the network in the 15 years of its existence, since the first block was mined on January 3, 2009. BTC Network Transactions Nick One Billion Threshold, Bitcoin Price Holds Above ,000 The news follows a report on Clark Moody’s Bitcoin dashboard, showing the attainment of transaction number 1,000,000,000. This was mined into block 842,241 at 9:34 pm UTC on May 5. JUST IN ‼️ – #Bitcoin has officially processed over 1 BILLION transactions.
