After experiencing a slow month in October, Bitcoin (BTC) has been building notable momentum in November to the extent that its price even hit highs of $38,000.
As a result, the number of new addresses on the BTC network has been going through the roof as it edges closer to the yearly highs of more than 720,000 recorded in September.
According to IntoTheBlock data, these addresses recently hit 686.62k thanks to the bullish momentum witnessed in the Bitcoin market as optimism about the approval of spot BTC ETF by the United States Securities and Exchange Commission (SEC) heightens.
Bloomberg Intelligence research analyst James Seyffart recently stipulated that there was a 90% probability of the spot BTC ETF being approved in January 2024 or even earlier.
Therefore, it seems Bitcoin is eyeing breaching the all-time high (ATH) of new daily addresses set in December 2017 at 803k.
Bitcoin is Experiencing Growing Interest from Institutional Investors and Whales
BTC is seeing a surge in transactions worth more than $100,000, given that this volume soared by 79.8% in the past month, as disclosed by IntoTheBlock.
Therefore, whale and institutional demand has been the face behind this increase because it has picked up strongly.
On the other hand, Polygon has been stealing the show because its volume of transactions worth over $100k has skyrocketed by more than 3,800%.
Meanwhile, top analyst Michael van de Poppe believes the leading cryptocurrency needs to break massive resistance lying at $38,000 to $40,000 for it to witness a continuation.
Bitcoin was trading at $37,812 at press time, according to CoinGecko.