BlackRock ETF Pushing Bitcoin to ‘Inflection Point’ as US Entities Accumulate BTC: Glassnode
A prominent analytics firm says BlackRocks Bitcoin (BTC) spot exchange-traded fund (ETF) application is pushing US-based entities to accumulate the crypto king. glassnode mga tala that the share of Bitcoin supply held and traded by US entities is witnessing a significant rise since BlackRock, the worlds largest investment firm with over $10 trillion in assets under its management, first filed for a BTC ETF last month. No US Bitcoin spot ETF application has ever been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Woods ARK Invest, though the U.S. Securities and Exchange Commission (SEC) did greenlight the launch of the first Bitcoin futures ETFs in October 2021. Glassnode shares a chart showing a surge in the supply of BTC held or traded by US investors while Asian-based market participants appear to be distributing their Bitcoin stacks. Pinagmulan: Glassnode Twitter Ang analytics firm din mga tala that roughly 560,000 Bitcoin owned by short-term holders (STHs), which represent 21% of the overall STH supply, were purchased at a price that is in close proximity to the current value of BTC. According to Glassnode, the condition suggests that more short-term holders could see their positions in the red if Bitcoin goes through a mild corrective phase. Pinagmulan: Glassnode