Analysis of Bitcoin on-chain data in this week's Copper Opening Bell report indicates that 98% of short-term holders of wallet addresses are now in a profitable position. Historically, when this percentage has risen significantly, investors have looked to lock in profits, so there has often been selling pressure. According to Copper analysts, this could indicate that the market is experiencing a temporary top ahead of the US election.
Analysts also noted that overall enthusiasm remained subdued despite the large inflows into spot bitcoin ETFs, which had accumulated net inflows of more than $21 billion by mid-October. However, after seven consecutive days of positive net inflows, ETF activity reversed on Tuesday and inflows were negative again.
Analysts: The market may be at a temporary peak ahead of the US election
2024-10-23 17:51:43
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