Bitcoin’s Hashrate Hits Record High After ETF Approval by SEC

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Why HODLing Bitcoin Seems to be the Current Best Strategy for Investors

Since the approval of the ETF, Bitcoin has shown some notable movements. However, holders refuse to sell.

Bitcoin’s Hashrate Reaches New High

Bitcoin’s hashrate has reached a new all-time high. Despite the price increase, investors continue to hold onto their coins. According to data provider Glassnode, the eagerly awaited ETF approval has influenced Bitcoin’s [BTC] on-chain activity.

BTC on the Chain

Glassnode reports an “aggressive” increase in network hashrate since approval by the US Securities and Exchange Commission (SEC) on January 10. When the Bitcoin network experiences a rise in hashrate, it means that the computing power dedicated to protecting the network has significantly increased, indicating an increase in usage.

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Rising BTC Transaction Volumes

Glassnode has also found that since the announcement of approval, the volume of BTC transactions that were settled on-chain has increased. This underscores a notable increase in the number of BTC trading transactions.

Bitcoin’s Derivative Markets

On the coin’s derivative market, open interest in futures continues to rise. Interestingly, the number of BTC futures contracts backed by crypto-margined collateral has reached an all-time low, according to Glassnode.

HODLing Remains the Main Market Dynamic Despite Price Increase

Despite the recent price rise to multi-month highs, most coin holders have refused to sell. Glassnode noted: “HODLing, however, remains the primary market dynamic despite the rapid rise in price action.”

Source: AMBCrypto

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