Investors Should Track These Indicators as Bitcoin Breaks $125K
The volatile crypto market has been rising alongside gold, which is a preferred investment choice in times of uncertainty, with Bitcoin (BTC) reaching a new all-time high.
The US government shutdown triggered a shift from the US dollar to safe-haven assets, such as gold and Bitcoin, as investors anticipated a declining USD value.
Gold reached a record high of $3,897 per ounce on Oct. 2. Similarly, Bitcoin broke to a new ATH of $125,559 early on Oct. 5, with a market cap of almost $2.5 trillion.
Bitcoin currently has a 58.5% market dominance over the sector’s $4.26 trillion market capitalization, according to data from CoinMarketCap. The CMC fear and greed index is still hovering in the neutral zone.
Are Long-Term Holders Selling?
Bitcoin’s rise was mainly triggered by short-term investors. For instance, the US-based spot BTC exchange-traded funds recorded $3.24 billion in net inflows last week.
This pushed the total inflows of these investment products above the $60 billion mark.
Another catalyst could be the expectations of what the community calls “Uptober” — referring to a potentially bullish October, triggering FOMO among investors.
On the other hand, the Bitcoin long-term holder supply has been on a downtrend since mid-June. According to data from Coinglass, the LTH supply fell from 15.92 million BTC on June 15 to 15.32 million BTC on Oct. 3.
Long-term Bitcoin holders have been selling since mid-June | Source: Coinglass
The LTH supply shows that the market confidence in Bitcoin’s future value has been decreasing, as some investors might be expecting a major price correction.
Moreover, Coinglass data shows that the Bitcoin Net Unrealized Profit/Loss indicator rose from 0.51 to 0.56 last week.
While the NUPL is still in the neutral zone, its rise to the 70 mark could trigger profit-taking among investors, leading to a market correction.
The post Investors Should Track These Indicators as Bitcoin Breaks $125K appeared first on Coinspeaker.
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Investors Should Track These Indicators as Bitcoin Breaks $125K
The volatile crypto market has been rising alongside gold, which is a preferred investment choice in times of uncertainty, with Bitcoin (BTC) reaching a new all-time high.
The US government shutdown triggered a shift from the US dollar to safe-haven assets, such as gold and Bitcoin, as investors anticipated a declining USD value.
Gold reached a record high of $3,897 per ounce on Oct. 2. Similarly, Bitcoin broke to a new ATH of $125,559 early on Oct. 5, with a market cap of almost $2.5 trillion.
Bitcoin currently has a 58.5% market dominance over the sector’s $4.26 trillion market capitalization, according to data from CoinMarketCap. The CMC fear and greed index is still hovering in the neutral zone.
Are Long-Term Holders Selling?
Bitcoin’s rise was mainly triggered by short-term investors. For instance, the US-based spot BTC exchange-traded funds recorded $3.24 billion in net inflows last week.
This pushed the total inflows of these investment products above the $60 billion mark.
Another catalyst could be the expectations of what the community calls “Uptober” — referring to a potentially bullish October, triggering FOMO among investors.
On the other hand, the Bitcoin long-term holder supply has been on a downtrend since mid-June. According to data from Coinglass, the LTH supply fell from 15.92 million BTC on June 15 to 15.32 million BTC on Oct. 3.
Long-term Bitcoin holders have been selling since mid-June | Source: Coinglass
The LTH supply shows that the market confidence in Bitcoin’s future value has been decreasing, as some investors might be expecting a major price correction.
Moreover, Coinglass data shows that the Bitcoin Net Unrealized Profit/Loss indicator rose from 0.51 to 0.56 last week.
While the NUPL is still in the neutral zone, its rise to the 70 mark could trigger profit-taking among investors, leading to a market correction.
The post Investors Should Track These Indicators as Bitcoin Breaks $125K appeared first on Coinspeaker.
Read More
Bitcoin ETFs on Fire: 5-Day Inflow Wave Signals New Accumulation Phase