- Bitcoin’s long term holders are still accumulating BTC
- The Bitcoin supply held by long term holders is yet to hit 2017 levels
- The long term holders of Bitcoin are not spending their BTC as is usually the case during a top
- Bitcoin whales have accumulated 90k BTC since April 5th
Bitcoin (BTC) is yet to hit a top for the current bull cycle. This is according to data by the team at Glassnode pointing out that long-term holders of Bitcoin are yet to start spending their holdings. Furthermore, the same long-term holders are actually accumulating more Bitcoin and currently hold 67% of the circulating supply, which is still lower than the amount held by long-term holders in 2017.
The team at Glassnode shared their analysis of Bitcoin’s current market status through the following statement and accompanying chart.
Bitcoin supply held by Long Term Holders (LTH) usually needs to be spent to ‘put the top in’.
At 2017 top, LTHs had reduced their holdings from 74% to 58% of circ. supply.
Currently, coins accumulated in late 2020 are maturing and LTH owned supply is actually increasing > 67%.
Bitcoin Whales Accumulate 90k BTC since April 5th
Evidence of accumulation of Bitcoin by whales has been identified by the team at Santiment who shared their analysis in the tweet below. According to Santiment, Bitcoin whale addresses holding 10,000 or more BTC have added roughly 90,000 BTC cumulatively, since April 5th.
🐳 The uber large #Bitcoin whale addresses (holding 10k+ $BTC) continue to get richer and accumulate as prices range, particularly after the #AllTimeHigh two weeks ago. Around 90k $BTC ($4.92B) has been added in total to these addresses since April 5th. https://t.co/XXDZ7l2br2 pic.twitter.com/aJDwEc5Quf
— Santiment (@santimentfeed) April 29, 2021
Bitcoin’s $50k Support is Once Again the Area to Watch
At the time of writing, Bitcoin is battling to maintain the $53k support zone as the month of April comes to a close.
As is the case with Ethereum, Bitcoin is experiencing selling pressure due to the expiration of BTC options and futures tomorrow, April 30th. This is in addition to Bitcoin’s monthly close being on the same day.
Therefore, the following Bitcoin levels of support are worth observing as the month of May inches closer.
Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000
As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.
In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.
“As an investment, I think Ethereum has the most upside.”
Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.
“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”
Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.
Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.
Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.
ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval
The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).
ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.
The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.
Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.
Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.
Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”
Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.
BTC hit its all-time high of $64,804.72 in mid-April.
Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer
Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.
Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.
Cramer also stated that he may cash out half of his Ethereum stash.
SEC approval for ETF may push Bitcoin up, Cramer says
Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.
He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.
However, he stated that people are running ahead of a possible ETF approval.
"There's a possibility a lot of people feel that you can get a short-term peak, or maybe a real peak as people just run ahead of the ETFs," says @jimcramer on a #Bitcoin ETF approval. "I might cash out half my $ETH." pic.twitter.com/48MJP047yK— Squawk Box (@SquawkCNBC) October 15, 2021
Bitcoin spikes to $59,500 as chance for ETF approval emerges
Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.
The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.
The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.