Bitcoin Surges to $45,000 Amid ETF Buzz
Bitcoin has reached a price of $45,000, driven by the growing excitement around exchange-traded funds (ETFs) and Bitcoin in the crypto community. In fact, Bitcoin is currently dominating social media discussions, accounting for 5.4% of all crypto-related chatter on platforms like Twitter. Of this conversation, almost half (48.7%) expresses a positive sentiment, while 33.4% is negative and the rest remains neutral.
Bitcoin’s Popularity Still Below June 2023 Levels
Despite the recent surge in popularity, Bitcoin’s current level of attention is still lower than what it experienced in June 2023. Back then, Bitcoin was mentioned in over 25% of all crypto-related social media posts and generated more than 15,000 mentions.
Long-Term Holders Show Conviction
Long-term holders of Bitcoin are holding onto their coins with strong conviction. According to data from MacroMicro, 70.5% of Bitcoin’s supply has not been moved for one year or more, reaching a yearly high. This indicates that these holders have no immediate plans to sell their Bitcoin.
Low Exchange Reserves Indicate Long-Term Holders
The low amount of Bitcoin held on exchanges further supports the idea that many owners are not looking to sell anytime soon. CryptoQuant data reveals that Bitcoin reserves on exchanges are near their lowest point in a year. This suggests that those who hold Bitcoin off exchanges are likely expecting long-term gains and are not interested in short-term selling pressure.
Hot Take: Positive Sentiment Surrounding Bitcoin Grows with ETF Excitement
The recent surge in Bitcoin’s price to $45,000 is driven by the growing enthusiasm around exchange-traded funds (ETFs) and Bitcoin. With Bitcoin dominating social media discussions and garnering positive sentiment, it’s clear that investors are optimistic about its future. Long-term holders are also showing strong conviction by holding onto their coins. With low Bitcoin reserves on exchanges, it seems that many owners are in it for the long haul and expect significant gains in the future.
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