CryptoMediaClub
Friday, October 3, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Why Bitcoin (BTC) Is Up 85% This Year: Q2 2023 Review

09.07.2023
A A
0
122
VIEWS
ShareShare

Bitcoin (BTC)’s performance this year is modeling that of previous 4-year market cycles, signaling the early innings of another potential bull market, according to market analysis firm Reflexivity Research.

The firm published a report this week exploring drivers behind the asset’s strong performance in Q2, examining both market structure and on-chain data.

Who Is Buying Bitcoin?

As the report states, Bitcoin’s present tailwind to two critical events this year: the banking crisis surrounding Silicon Valley Bank (SVB) in March and BlackRock’s filing for a Bitcoin Spot ETF in June.

Each event has “unequally benefitted digital gold relative to other digital assets in the market,” the report stated. Bitcoin now comprises over 50% of crypto’s total market cap, with bulls like Michael Saylor predicting greater highs as regulatory crackdowns drive capital away from altcoins.

Outsized interest in Bitcoin is visible in the futures market, where Bitcoin perpetual futures are “clearly diverging away” from Ether perpetual futures.

ADVERTISEMENT

Bitcoin Perpetual Futures VS Ether Perpetual Futures. Source: Glassnode

Rising interest in Bitcoin seems to be coming out of the United States in particular, where BlackRock’s latest filing could make for the nation’s first official Bitcoin spot ETF. The report notes that most of Bitcoin’s performance has taken place during US trading hours since the asset manager’s submission.

Furthermore, Bitcoin CME futures open interest has risen by $1 billion since the filing, further indicating higher activity among US firms.

A Look on Chain

Regarding network data, the researchers highlighted Ordinals as a “space to keep an eye on over the coming quarters.” The number of total Ordinals inscriptions now nears 15 million, having raised an additional $56 million in fees for miners to date.

The number of Bitcoin addresses holding over 1 BTC crossed 1 million for the first time ever this quarter, and the network settled roughly $2 trillion in transactions during that time.

Reflecting the finding of other firms, including Glassnode and Santiment, Reflexivity said Bitcoin’s supply held by long-term holders is now relatively high, meaning market participants aren’t planning to sell their coins anytime soon.

“Should some of these ETFs get approved, the effects of newfound demand with a near record low available supply could be quite powerful,” the firm wrote.

Nevertheless, a black swan event is still in the cards, “[It] appears to be early innings for this current bull cycle, with the possibility of retesting cycle lows similar to March of 2020 still there,” the report concluded.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share9Tweet6ShareSharePin2

Related Posts

Crypto Price Prediction Today October 2 – XRP, Pepe, Dogecoin
All news

Crypto Price Prediction Today October 2 – XRP, Pepe, Dogecoin

03.10.2025
0

The market has surged to a cap of $4.18 trillion today, with the crypto price prediction for XRP, Pepe and...

Read moreDetails
XRP Price Prediction: SWIFT Partners With Ethereum Firm – Is Ripple Losing the Payments Race It Started?

XRP Price Prediction: SWIFT Partners With Ethereum Firm – Is Ripple Losing the Payments Race It Started?

03.10.2025
Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

03.10.2025
PUMP Price Prediction: Key Indicator Just Flashed Green – PUMP is About to Explode Higher

PUMP Price Prediction: Key Indicator Just Flashed Green – PUMP is About to Explode Higher

02.10.2025
CME Group to Launch 24/7 Crypto Futures and Options Trading in Early 2026

CME Group to Launch 24/7 Crypto Futures and Options Trading in Early 2026

02.10.2025
Load More
Next Post

Coinbase Was Aware it Violated US Securities Laws, Claims SEC

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Cardano Price Forecast: ADA Could Unlock $1.2 Billion in Profits as It Eyes Key Resistance at $0.37

Cardano Price Forecast: ADA Could Unlock $1.2 Billion in Profits as It Eyes Key Resistance at $0.37

12 months ago
WazirX Cancels Open Orders to Resolve Indian Rupee and Crypto Balance Issues

WazirX Cancels Open Orders to Resolve Indian Rupee and Crypto Balance Issues

1 year ago
Nomura Group Launches Bitcoin Fund for Institutional Investors

Nomura Group Launches Bitcoin Fund for Institutional Investors

2 years ago

Tether Just Axed USDT Support For These 3 Blockchains

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Why is Bitcoin near all-time highs? Everything that happened in crypto today

Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

PUMP Price Prediction: Key Indicator Just Flashed Green – PUMP is About to Explode Higher

CME Group to Launch 24/7 Crypto Futures and Options Trading in Early 2026

From Bitcoin to DeFi 2.0, the Trends Driving Crypto’s Future: WisdomTree Analyst

$4B BTC in 4 weeks: How Bitcoin ETFs buy more than double the BTC mined

Trending

Crypto Price Prediction Today October 2 – XRP, Pepe, Dogecoin
All news

Crypto Price Prediction Today October 2 – XRP, Pepe, Dogecoin

03.10.2025
0

The market has surged to a cap of $4.18 trillion today, with the crypto price prediction for...

Will a Europe-US BTC reserve race actually happen?

Will a Europe-US BTC reserve race actually happen?

03.10.2025
XRP Price Prediction: SWIFT Partners With Ethereum Firm – Is Ripple Losing the Payments Race It Started?

XRP Price Prediction: SWIFT Partners With Ethereum Firm – Is Ripple Losing the Payments Race It Started?

03.10.2025
Why is Bitcoin near all-time highs? Everything that happened in crypto today

Why is Bitcoin near all-time highs? Everything that happened in crypto today

03.10.2025
Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

Spot Bitcoin ETF Volume Tops $5 Billion as Price Breaks $120K – ATH Next?

03.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz