Bitcoin Season has begun

Bitcoin’s realized market cap hits record high of $730 billion in 2024, CryptoQuant reports.

Bitcoin started the year with a realized market cap of $430 billion, driven by institutional adoption and regulatory clarity.

Bitcoin’s price crossed $100,000 for the first time in the currency’s history, signaling and demonstrating the growing interest from large investors.

The launch of spot exchange-traded funds in January led to increased investment inflows, with these funds holding over 1 million bitcoins.

Holdings by major institutions, such as MicroStrategy, have surged to record levels, with the firm’s holdings rising from 189,000 bitcoins to 402,000 bitcoins.

Use cases for the Bitcoin network have also expanded, including the Runes protocol, enhancing Bitcoin’s utility as a tool beyond a store of value.

This has coincided with an increase in average deposits of Bitcoin and USDT on exchanges, revealing increased market activity.