As Bitcoin [BTC] emerges victorious from the banking crisis, it will reclaim $30,000

• BTC balance on Binance exchange surged.
• Over the past week, the king coin has posted gains of 7.34% despite struggling to break through $30,000.

Bitcoin [BTC]Network activity has exploded since the start of 2o23 as it recovered from the 2022 bear market bottoms. According to a research analyst, the number of daily transactions on the network was poised to hit the highest level since the December 2017 bull market. A key factor fueling this exponential growth was the growing activity surrounding BTC Ordinals.

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The number of daily bitcoin transactions is on track to reach its highest level since December 2017

Daily $BTC transactions have almost doubled since the launch of Bitcoin Ordinals in January 2023 pic.twitter.com/FBZIrhdnQR

— Lucas (@LucasOutumuro) April 28, 2023

At the time of writing, BTC is trading at $29,342, with a marginal 24-hour decline of 0.28% per CoinMarketCap. Over the past week, the king coin has posted gains of 7.34% despite struggling to break through $30,000.

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Growing interest in the crypto market

Blockchain analytics firm Glassnode showed a sharp increase in BTC balances on the Binance exchange over the past month. In many ways, this behavior implied a growing appetite for risk-based investing in the market.

The spate of bank failures in March prompted investors to allocate their funds to the crypto market and see BTC as a hedge against traditional finance. The king coin surged 21% in March, hitting the $28,000 mark for the first time since June 2022.

With another high-profile banking firm, First Republic Bank, staring down the road, the crypto market in general, and BTC in particular, would be hoping to attract disgruntled investors from traditional markets.

Source: Glassnode

The exchange offer of BTC

The increase in balance on Binance was not yet a worrying sign as there was a noticeable divergence between the supply of BTC on exchanges and off. This indicated that investors preferred hoarding their coins rather than depositing them.

Source: Santiment

The Exchange Whale Ratio is the relative size of the top 10 inflow transactions to total inflows, according to CryptoQuant. It usually stays below 85% during the bull market.

At the time of writing, 39% of the total inflows came from big names, reflecting bullish sentiment for BTC.

Source: CryptoQuant

How much is 1.10.100 BTC worth today?

BTC in the derivatives market

Speculative interest in BTC surged as open interest (OI) for BTC futures surged 8% to $11.81 billion over the past two days.

However, funding rates on some exchanges turned negative, suggesting growing dominance for bearish leveraged traders.

Source: coin jar

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