The total amount of capital inflows into bitcoin during the 30 days to Jan. 25 are as high as the entire bitcoin market capitalization in September 2017 and early 2019, according to new data from Glassnode.
Glassnode co-founder and CTO Rafael Schultze-Kraft tweeted that cash inflows into bitcoin (BTC), as estimated by the realized cap, reached $70 billion during the calendar month in review, equalling the whole BTC market cap value for September four years ago and early 2019.
In 2017, bitcoin prices rose sharply within a space of just three months, peaking at nearly $20,000 by December – an all-time-high then – in a rally largely led by small-time investors fearful of missing out on BTC’s unprecedented price surge.
Now, Glassnode data reflects the spike in institutional interest in bitcoin. In the last few months, institutions have pumped in billions of dollars into the top cryptocurrency, either as a reserve asset or hedge against monetary inflation.
The asset’s bullish run in late 2020, when…