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While bitcoin’s price stagnated below a key resistance level, the blockchain achieved a notable milestone before the end of the month.
On May 28th, transactions on the Bitcoin network surpassed $25 billion in estimated value, representing the highest level in US dollar terms over the past year. Despite facing hurdles in breaching the crucial resistance, this significant spike in transaction value highlighted the continued growth of its network activity and adoption.Blockchain.com data shows that approximately 367,000 BTC were transferred on that day, the largest amount since June 13, 2022, when more than 519,000 BTC were moved.
This price range includes over two million addresses that have collectively accumulated a million BTC, which makes it significant as such concentration of buying activity demonstrates a high level of interest and engagement from traders, establishing a major support level, thereby enabling the asset to maintain its current valuation amidst market volatility.Concerns surrounding Bitcoin stalling below $70,000 have failed to faze investor sentiment, which continues to remain bullish.
In an interview, the professor praised the US spot Bitcoin ETF launched in January, noting that its approval has opened up greater opportunities for investors and is attracting more institutional interest. He added that the introduction of these funds has created significant investment opportunities and is drawing more attention to Bitcoin as a viable investment asset.
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