Bitcoin network activity surged to its highest level since November 2024, with over 615,000 daily transactions, according to CryptoQuant. The spike follows a period of declining activity and coincides with increased demand for blockspace.
Simultaneously, U.S.-listed spot Bitcoin ETFs recorded their largest daily inflows in weeks, totaling $471 million on Monday. This comes as Bitcoin’s price briefly exceeded $70,000 before dropping below $69,000.
Analysts suggest the uptick may reflect operational adjustments by major holders rather than pure investor demand, especially given low transaction fees. Technical indicators like the stochastic RSI show signs of a potential double-bottom pattern, echoing a similar move seen in early 2023.
Despite a 1.48% drop in the past 24 hours, Bitcoin remains at $68,423. The broader market sentiment remains in 'Extreme Fear' territory, reflecting geopolitical tensions and concerns over quantum resistance.