Bitcoin Holders Refuse to Budge as Price Drops Below $35,000
In a shocking turn of events, Bitcoin has dropped below the $35,000 support level. But fear not! The majority of Bitcoin holders are standing their ground and refusing to sell. In fact, onchain data has revealed that a record-breaking 88.5% of Bitcoin has remained untouched for the past three months. It seems like these hodlers would rather hold onto their precious coins than let Wall Street pump them up.
The hilarious thing is that 88.5% of the #bitcoin supply hasn’t moved in the last three months.
— Dylan LeClair 🟠 (@DylanLeClair_) November 2, 2023
But it’s not just the long-term investors who are holding strong. Retail traders have also jumped on the bandwagon and are clutching onto their Bitcoin for dear life. They’re hoping that the SEC will finally approve a spot Bitcoin ETF, which would undoubtedly send the price soaring to new heights. In fact, there are currently a whopping 34 million addresses holding Bitcoin for more than one year. That’s a lot of people with diamond hands!
BTC market cap currently at $679.499 billion on the daily chart: TradingView.com
Investors Crossing Their Fingers for SEC Approval
The anticipation is palpable as investors eagerly await the SEC’s decision on spot Bitcoin ETFs. If approved, this could be the catalyst that ignites a massive bull run in the crypto market. One executive at Valkyrie Investments is so confident in these ETF applications being approved that they’re willing to bet their entire collection of rare Pepe NFTs on it.
However, not everyone believes that spot ETFs are responsible for Bitcoin’s recent spike in price. Singapore-based QCP Capital thinks it has more to do with macro forces like plummeting US bond yields. Apparently, when bond yields go down, investors start looking for higher-yield investments like BTC instead of stuffing their mattresses with cash.
Regardless of the cause, Bitcoin is currently stuck in a consolidation phase. It needs something big to happen to break out of this funk and start rallying again. The last time Bitcoin’s supply reached 88% for this metric was back in late 2022, and we all know how that turned out. Let’s hope history doesn’t repeat itself, or else we might be looking at a $30,000 Bitcoin.
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