The Majority of Bitcoins Are Held by HODLers
The share of potential profit-generating Bitcoins (BTC) has reached its highest level since November 2021, accounting for 83.7% of the total supply. According to a report by Bitfinex analysts, the owners of these 16.3 million BTC are not eager to sell, while buyers are not actively seeking supply. Around 60% of these coins have remained untouched for two years, indicating that coin owners see positive returns on their investments and have no urgency to liquidate their assets. This suggests that the market is in a relatively strong position.
Stability Despite Negative News
Despite the negative news surrounding Binance, Bitcoin’s price remained within its current range last week. On November 24, the price of BTC surpassed $38,000 and is inching closer to the psychological support level of $40,000.
Predictions of an Imminent Surge
An analyst predicts that Bitcoin will soon surge to $40,000 due to potential ETF approvals and the upcoming halving event as key drivers.
The Uncertain Fate of Bitcoin ETFs
The fate of the spot Bitcoin ETF remains uncertain as the US Securities and Exchange Commission (SEC) continues to delay the review of applications for its creation. A decision on ETFs is now expected in January 2024.
Hot Take: Bitcoin Holds Strong Amidst Market Volatility
Despite market volatility and regulatory uncertainty surrounding Bitcoin, HODLers remain confident in their investments as they continue to hold onto their coins. The majority of Bitcoins are currently generating potential profits and owners see no reason to sell. This stability is reflected in Bitcoin’s price, which has remained within a certain range despite negative news. Analysts predict an imminent surge to $40,000 driven by potential ETF approvals and the upcoming halving event. However, the fate of Bitcoin ETFs still hangs in the balance as regulatory decisions are delayed. Overall, Bitcoin is holding strong amidst a challenging market environment.
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