90% of Bitcoin HODLers are in Profit Amid ETF Anticipation

• 90% of Bitcoin holders (970K addresses) are currently in profit, despite market turbulence caused by fake spot Bitcoin ETF approval news.
• Less than half of Bitcoin holders were in profit at the start of 2023, CryptoQuant reveals.
• A report warns that Bitcoin reaching $48,500 could trigger a market correction, with support levels at $34,000 and $30,000.

A wave of optimism has swept through the Bitcoin market, with 90% of holders now sitting comfortably in profit territory. This surge comes amidst rising anticipation for the approval of a U.S. spot Bitcoin exchange-traded fund (ETF), a potential catalyst for further price appreciation.

Following the false announcement of a spot Bitcoin ETF approval posted on a hacked U.S. SEC Twitter account, Bitcoin prices surged to a 19-month high, reaching $47,900, only to experience a brief dip to $45,100. Despite this brief market turbulence, more than 970K addresses are currently in profit, with BTC trading at around $45,600 at the time of writing.

Notably, data from CryptoQuant reveals a dramatic shift in investor sentiment compared to the start of 2023, when less than hal…

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