Bitcoin ETF

Bitcoin

Million

James

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 The number of Bitcoin wallet addresses in profit hit a record 39.1 million on October 30, surpassing the previous high of 38.1 million in November 2021.
 The in-profit BTC addresses are currently at an 18-month high of 81.1%, according to Glassnode data. This percentage increased from 60% to 80% in just two months.
 The BTC addresses at a loss have also dropped to a little over 9 million. In December 2022, as the crypto market plunged due to FTX’s bankruptcy, more than 20 million addresses were at a loss.
 The significant increase in in-profit addresses comes as BTC nears an 18-month high. Bitcoin is currently up by around 26% in just one month and was trading at $34,526 at 08:00 ET on October 31.
 The total number of non-zero BTC addresses currently sits at 48.3 million despite Bitcoin’s spot price remaining 50% lower than its ATH.
 <h2 id="bitcoin-shows-strength-above-34k">Bitcoin Shows Strength Above $34K</h2>
 Bitcoin’s price continues to show strength at the $34K level despite market chatter on spot BTC exchange-traded fund (ETF) approval cooling down.
 Valkyrie recently amended its spot BTC ETF filing, refueling speculation that the US securities regulator might approve this new investment class.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
 — James Seyffart (@JSeyff) October 30, 2023
 </blockquote>
 
 Bitcoin’s recent gains have seen short-term holders record “one of the strongest profit-takings in the past two years,” according to crypto researcher James Straten.
 On the other hand, long-term holders are yet to record any significant profit takings.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 #Bitcoin has shown remarkable strength above $34k for the past five days while witnessing one of the strongest profit-takings in the past two years, from STHs.
 LTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things. pic.twitter.com/peBuGcsZFE
 — James V. Straten (@jimmyvs24) October 29, 2023
 </blockquote>
 
 Some analysts weighing in on the recent BTC price action warn that the spot Bitcoin ETF hype will be short-lived as the SEC could deny all applications in a “semi-comedic rug pull,” a scenario that will see Bitcoin’s price plunging.
 Despite that, markets remain overall optimistic that it’s only a matter of time before approval is granted.
 <h2 id="also-read">Also Read</h2>
 <ul>
 <li>BTC Price Prediction: As Legendary Billionaire Investor Stanley Druckenmiller Says He Should Own ‘Brand’ BTC, This Cloud Mining Platform Is Sprinting To $3 Million In Presale</li>
 <li>Bitcoin Price Prediction: BTC Looks Unstoppable And That Means This Bitcoin Derivative Is Poised To Explode</li>
 <li>Bitcoin Price Prediction: BTC Pumps 15% This Week, But Don’t Overlook This New Altcoin’s 10X Potential</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-addresses-in-profit-reach-a-record-high-after-recent-price-surge-tbt68578.html">https://thebittimes.com/bitcoin-addresses-in-profit-reach-a-record-high-after-recent-price-surge-tbt68578.html</a>
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Bitcoin Addresses In Profit Reach A Record High After Recent Price Surge

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