The Bitcoin market depth reached a milestone of $600 million, coinciding with the recent all-time high of Bitcoin. Traders are seen capitalizing on profits as the historical peak is surpassed.

On March 4, open interest in Bitcoin (BTC) perpetual contracts surged by almost $2 billion to hit a multi-year high of $15 billion. The following day, it dropped by $1.4 billion. The stability of demand for the asset is indicated by the sustained financing rates near the peaks.

On-chain analysis reveals a gradual increase in new Bitcoin millionaires during the current rally. The daily growth in holders of seven-digit dollar accounts has been under 2,000, unlike the previous bull run in 2021 when it reached 4,000 wallets per day.

Kaiko highlighted USDT achieving a record $100 billion capitalization, although trading activity did not see a significant rise. Turnover remained below the peak of $661 billion in May 2021, with a decreasing share of the total volume.

Today, Bitcoin tested the $73,000 mark but retraced below $72,000, marking the third price surge in the last 48 hours. On March 11, the asset reached its all-time high twice, hitting $72,200.

The liquidations on futures contracts in the past 24 hours have surpassed $233 million, indicating a volatile market.

Stay updated with more news on Global Crypto News for further insights into the cryptocurrency market.

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