Bitcoin has observed a rally beyond the $71,000 level as demand for the coin has increased.
The on-chain metric of Apparent Demand, which measures the difference between BTC production and changes in inventory, has surged to notable positive levels, reaching the same high as in February.
The recent burst of demand has accompanied a rally in Bitcoin's price, surpassing $72,000.
The Bitcoin Energy Value, a model that calculates fair value based on energy consumption in mining, has recently crossed the $100,000 level.