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Bitcoin (BTC) witnessed a significant correction after surpassing the $70,000 mark, falling back to $67,000. Despite the price correction, interest in BTC remains high. Investor interest can also be seen in the ongoing steady BTC ETF inflows into the market.
Critical Report on BTC
Recent reports indicate that US Bitcoin ETFs have accumulated a total of 850,707 BTC since January this year. Leading this significant accumulation is Grayscale’s GBTC ETF, which holds the largest share with 289,280 BTC despite a notable decrease in its initial reserves. Despite the decline in Bitcoin, the increase in BTC ETF accumulation shows that interest in BTC continues to grow worldwide. As adoption increases, BTC may benefit.
At the time of writing, BTC is trading at $66,865.51, having fallen 3.85% in the last 24 hours. One reason for the price drop could be that many short-term investors are taking profits due to the recent increase in BTC price, leading them to cash out.
Current Data on Bitcoin
Although there have been significant sales of BTC in the past few days, the MVRV ratio remains high. This indicates that the number of profitable addresses is relatively high. According to experts, a major selling threat can still be seen around BTC. However, a positive development is the increase in the Long/Short ratio for BTC, indicating a rise in the number of long-term holders.
Long-term holders are less likely to sell their tokens during market volatility. Moreover, BTC’s velocity has also decreased. This could indicate a drop in the frequency of BTC transactions. This means an increasing number of addresses are holding onto their BTC. One factor that could affect Bitcoin’s price is the situation of Bitcoin miners. If miners’ income decreases, it may encourage them to sell their assets to stay afloat. At the time of writing, miners were relatively well off. Last month, miners’ daily revenue increased from $29,981,891 to $39,242,392.
