Confidence in Bitcoin’s Upside Potential
Despite a recent lull in BTC price, holders of the top cryptocurrency are still optimistic about its future. One of the main reasons for this confidence is the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) by the end of 2023 or possibly in 2024.
Rise in Wallets Holding Bitcoin
The crypto market has experienced sideways movement in BTC price lately, but there has been an increase in the number of addresses holding 10 or more BTC. This data from Glassnode indicates growing confidence among high net worth investors, which is a bullish sign for the future price outlook of Bitcoin. According to a Glassnode alert on September 25, 2023, the number of addresses holding 10+ Coins reached an all-time high of 157,629.
Earlier reports suggested that BTC may have formed a bear trap before recovering to the $27,000 level.
Next Spot Bitcoin ETF Decision Deadline
The next deadline for the SEC’s spot Bitcoin ETF applications is set for October 16, 2023. Traders will be closely watching the agency’s decision on Blackrock’s filing on October 17, 2023. However, it’s important to note that the SEC has the authority to delay the decision once again, as they previously did in early September.
Hot Take: Optimism Persists Despite Sideways Movement
Despite the recent sideways movement in BTC price, holders of Bitcoin remain confident in its upside potential. The increasing number of wallets holding significant amounts of BTC indicates growing confidence among high net worth investors. This confidence is further fueled by hopes of a spot Bitcoin ETF approval by the SEC. The upcoming decision deadline for the SEC’s spot Bitcoin ETF applications is eagerly awaited by traders, who are also keeping an eye on the agency’s decision on Blackrock’s filing. Although there may be delays in the decision-making process, the overall sentiment towards Bitcoin remains positive.
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