Bitcoin’s On-Chain Activity Jumps Amidst Spot Bitcoin ETF Hype

in #hopdh • last year

Over the last day, all markets have seen an increase in on-chain activity as the cryptocurrency markets get ready for the launch of a new ETF.

The on-chain transaction volume (OTV) of bitcoin may be seen on its 24-hour chart, which shows a growth in only one day from $3.7B to $4.1B. This is probably because there has been greater conjecture about an ETF getting SEC approval and giving traders access to other investing possibilities.

ProShares Short Bitcoin ETF, Direxion Daily Bitcoin Bear 1X Shares, and ProShares Short Bitcoin Futures are the three unfiled plans that the SEC is currently reviewing after rejecting three Bitcoin ETF proposals earlier this month.

It is predicted that if one or more of these ideas are adopted, the price of Bitcoin might rise significantly as a result of increased demand for derivatives and futures contracts, which would raise the OTV even higher.

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