Grayscale's GBTC volume has surged, indicating bullish sentiment in fiat markets. The number of addresses holding more than 1 Bitcoin has also increased, with whales showing interest in Bitcoin.

Despite Bitcoin's recent stagnation, there has been a significant amount of interest in Grayscale's GBTC, which allows investors to participate in Bitcoin's price movements without directly owning the cryptocurrency.

The surge in GBTC volume suggests that investors in the fiat markets are also looking to gain exposure to Bitcoin, indicating a belief in its future price rise. Additionally, Glassnode's data shows a notable surge in the number of large addresses holding Bitcoin, indicating increasing interest from whales.