Bitcoin has added 38% to its USD value since the beginning of the month when it was priced at around $16,846. This has made January the asset’s best-performing month since October 2021, when it notched up 41%, according to Glassnode.

The current rally was “fuelled by both historic spot demand and a sequence of short squeezes,” the analytics firm noted in its weekly report on Jan. 30.

It also reported stabilization in exchange flows following the FTX collapse and panic exodus from centralized exchanges.

(By Martin Young)