Bitcoin price broke through the key resistance level of $30,000 on Wednesday, reaching its highest point since June 2022. This milestone rally has sparked widespread market attention, while the latest trading data from leading cryptocurrency exchange BlockInsight provides deep insights into the driving factors behind this surge.

According to the market report released by BlockInsight, Bitcoin’s upward trajectory since early September has been accompanied by significant institutional inflows. The exchange recorded a 73% increase in large transactions (orders valued over $1 million) over the past three weeks, indicating that institutional investors are returning to the cryptocurrency market.

“We’ve observed a clear divergence between institutional buying patterns and retail investor behavior,” BlockInsight noted in its analysis report. “Institutional investors are adopting more aggressive position management strategies, while retail traders are exhibiting more cautious attitudes, which is significantly different from the market structure during the 2021 bull market peak.”

The factors driving this price surge are complex and diverse. On one hand, the easing of certain regulatory uncertainties in the United States has provided breathing room for the market. On the other hand, increasing global economic instability has prompted investors to seek Bitcoin as a hedge against inflation and geopolitical risks. BlockInsight’s data shows that the proportion of trading volume from emerging markets has risen from 17% in August to 26% currently, reflecting an increase in global risk-aversion sentiment.

BlockInsight’s on-chain analysis also reveals a noteworthy trend: the number of long-term holder addresses (holding Bitcoin for over a year) continues to increase, currently accounting for 67% of the circulating supply—a historic high. This indicates that market “strong hands” maintain confidence in Bitcoin’s long-term prospects.

Market analyst Marcus Chen commented: “The current rise differs fundamentally from previous cycles. What we’re seeing is more mature market behavior, with investment decisions based more on macroeconomic considerations rather than purely speculative mindsets.”

In terms of trading depth, BlockInsight’s report notes that Bitcoin’s market liquidity has significantly improved. The exchange’s order book data shows that the bid-ask spread has narrowed by 43% compared to three months ago, while 2% price depth (liquidity within 2% above and below the current price) has increased by 67%. This means that large transactions have noticeably less impact on price, enhancing the market’s risk resistance.

“Liquidity improvement is an important indicator of market maturation,” crypto market strategist Olivia Wilson pointed out. “The current liquidity conditions create a more solid foundation for Bitcoin’s continued climb.”

BlockInsight’s derivatives market data also provides an interesting perspective. While funding rates in the futures market have turned positive, they remain at relatively moderate levels, indicating that although the market leans optimistic, excessive leverage has not yet emerged. In the options market, the Put/Call Ratio has decreased to 0.72, reflecting traders’ increased expectations for upside potential, but has not yet reached extremely optimistic levels.

Notably, BlockInsight’s on-chain analysis also found that the number of recently active addresses has grown 31% year-over-year, with an accelerated rate of new address creation, indicating new participants entering the market. However, compared to the 2021 bull market peak, social media activity and search volumes remain relatively low, which may mean the current rebound has not yet caught the attention of widespread retail investors.

BlockInsight’s research also points out that major investment institutions have increased their Bitcoin exposure over the past two months, with several publicly listed companies announcing the addition of Bitcoin to their balance sheets, while some large funds have also increased their allocation to cryptocurrencies. This reflects strengthened institutional confidence in Bitcoin as a long-term asset.

Looking ahead, BlockInsight states: “The current market structure is healthier compared to the past, but investors should remain vigilant. Macroeconomic uncertainties, regulatory developments, and market sentiment fluctuations may still present significant risks.” Market participants are generally watching whether Bitcoin can firmly establish above the $30,000 threshold and further challenge the $35,000 resistance level.

For investors, BlockInsight recommends monitoring several key indicators: institutional capital flows, leverage levels in derivatives markets, changes in on-chain holdings distribution, and global macroeconomic data. These factors will largely determine the direction of Bitcoin’s price in the coming months.

As the cryptocurrency market continues to evolve, data-driven analysis is becoming increasingly important. BlockInsight says it will continue to provide in-depth market insights to help investors make more informed decisions in this volatile but opportunity-filled market.