- Bitcoin surges to $66k, marking a new technical higher high and signaling potential bullish momentum across the market.
- Both long-term and short-term Bitcoin holders see profitability rise, suggesting reduced financial pressure and market recovery.
- US Spot ETFs now manage $58B in Bitcoin, holding 4.6% of the supply, reflecting strong institutional confidence and market influence.
Bitcoin has made a notable leap, reaching $66k for the first time since its all-time high (ATH). This move sets a new technical higher high, marking a moment for cryptocurrency. Furthermore, several key on-chain metrics are also recording higher highs, strengthening the bullish outlook.
Besides, a rise in long-term holders (LTH) holding Bitcoin in loss shows signs of market recovery as investors are not facing major financial stress. Additionally, short-term holders (STH) are seeing profitability rise, signaling improving market conditions.
Long-Term and Short-Term Holders Show Signs of Recovery
Additionally, the present cycle of the price of Bitcoin exhibits striking similarities in recovery behaviors with prior cycles from 2015, 2019, and 2023. HODLing is still the most common type of investment activity, and the price swings suggest that Bitcoin may be entering a new accumulation period. Additionally, long-term holders are maintaining their positions despite unrealized losses from the $73k ATH period.
Short-term holders, on the other hand, have shown clear improvement in profitability. Over 62% of STH coins are now in profit, a positive sign that financial pressure is easing. Moreover, STH realized profit has rebounded strongly, indicating a more favorable market environment compared to previous weeks.
Read CRYPTONEWSLAND on
google news
Institutional Confidence in Bitcoin Grows Through ETFs
ETF investors are also maintaining a strong position, with total assets under management in US Spot ETFs reaching $58 billion. These ETFs hold 4.6% of Bitcoin’s circulating supply, with acquisition costs ranging from $54.9k to $59.1k. Despite some sell-side pressure, ETF investors remain confident.
Bitcoin’s market dynamics suggest a growing shift, with both long-term and short-term holders benefiting from the rally. The market is showing signs of entering a more profitable phase, supported by key on-chain metrics. This resurgence in profitability, coupled with institutional confidence in ETFs, points to a potentially significant change in market structure. Consequently, the coming months could offer substantial opportunities for both individual and institutional investors.
Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
