Glassnode Report: Bitcoin is growing investments 2x faster than gold
According to Glassnode, bitcoin's growth since the beginning of 2023 is 160% higher than gold's pace over the same period. Analysts note the similarity of price dynamics with previous cycles, but the distinctive feature of the current one is the shallower depth of corrections, indicating high demand with decreasing supply.
Deposits on trading floors remain low, which emphasizes the interest in crypto-assets. Bitcoin holders' share of profits increased to 84%, which experts say is due to a shift to an accelerating bull market.
Despite this, net realized profits are at a low level ($324 million), while previous cycles showed much higher values.
It is important to note that bids by large institutional players for bitcoin-ETFs are becoming a catalyst for new growth. Analysts at Bloomberg Intelligence estimate the probability of SEC approval of the ETF as early as early 2024 at 90%.
Glassnode's reports are based on real data and statistics, analyzing market parameters not available to ordinary traders, and are devoid of emotion or personal opinions.