The world’s flagship cryptocurrency has surged in January
Prominent Bitcoin-focused Twitter handle @BTC_Archive has pointed out that over the past three weeks, during the first month of 2023, the leading digital currency Bitcoin spiked by 39 percent.
#Bitcoin is up +39% this year…so far! 🚀 pic.twitter.com/3LiS3k5ZAP
— Bitcoin Archive (@BTC_Archive) January 23, 2023
Bitcoin growing at fast pace so far
Overall, since early January until now, Bitcoin price has increased from slightly below $17,000 ($16,909) to the spot on the chart we can see now – $22,887. During the weekend, BTC even made an attempt to break above the $23,000 level, succeeded but was unable to hold at $23,360 for long.
The $23,000 price mark was recovered for the first time since August last year. Between Friday and Saturday, BTC jumped by around 9 percent and grew by $2,000 just within 24 hours.
The growth of Bitcoin seems to be fueled, among other factors, by active purchasing of BTC by large-tier wallet owners over the past two weeks. These wallets hold between 1,000 and 10,000 BTC. Within the aforementioned 14 days, they bought a total of 64,638 BTC worth around $1.46 billion.
Unlike Bitcoin, the second major cryptocurrency Ethereum has shown a growth of roughly 26 percent.
Crypto sees $37 million inflows
According to data shared by CoinShares asset managing firm, last week there were $37 million of inflows into crypto assets. However, 68 percent of those were into short-Bitcoin products.
CoinShares: Digital asset investment products saw $37m inflows last week. In contrast, Hong Kong saw outflows from long investment products (US$11m), while the 95% of the inflows into the US were into short-Bitcoin products. https://t.co/sWPe0KiaV9
— Wu Blockchain (@WuBlockchain) January 23, 2023
The biggest weekly inflows were in Bitcoin – $5.7 million with $9.2 million month-to-date. Ethereum saw $4.2 million of weekly inflows and $6.8 overall this month.
In Germany and Switzerland, the inflows in crypto constituted $14 million and $10 million, respectively. In contrast to that, Hong Kong faced outflows from investment products, totaling $11 million.