This crucial Bitcoin metric is now at the ‘same level as 2017’s market top’

ambcrypto.com:

Russia’s invasion of Ukraine had a profound effect on the cryptocurrency market. Over the last few days, however, the market has recovered. Bitcoin, for instance, gained by around 3% in 24 hours. At the time of writing, it was trading at a level just shy of $45,000.

The latest weekly report from blockchain analytics firm Arcane Research highlighted a few other indicators to supplement bullish scenarios for Bitcoin.

The “real” daily Bitcoin (BTC) volume spiked to levels unseen in three months thanks to the Russian invasion of Ukraine. The aforementioned metric pushed above the $10 billion-mark last Thursday (24 February, the first day of the invasion), marking the highest daily volume recorded since 4 December.

The term “real trading volume” refers to data sourced from exchanges that are believed to be reputable and free of wash trading activities.

This report cited “new crypto narratives” or rather investors putting their trust within this digital asset class. The report asserted,

“Investors are speculating that crypto will become increasingly important apolitical and trust-less money in a time of escalating geopolitical uncertainty, conflict, and capital controls. This speculation may have contributed to the 15% increase in the Bitcoin price over the past seven days.”

In fact, the price of BTC saw its largest daily percentage gain in over a year on 28 February. The pricejumped by 14.5% in the space of 24 hours.

Bitcoin investors maintained their undeterred narrative to HODL their coins for future profits rather than selling. In fact, on-chain data from Glassnode suggested or rather highlighted a HODLer-dominated market in its latest report. This study, published on 28 February, looked into three main bullish indicators.

Illiqui