The number of short-term bitcoin holders is shrinking, reflecting their recent sensitivity to price volatility.
A break above the $627,000 mark could spark bullish momentum and push #bitcoin to the $63,000 level.
The Bitcoin #ETF recorded $253.6 million in inflows, signaling a return of confidence in the market after the recent outflows.
Bitcoin is on the verge of a strong comeback: after dropping to $59,000, BTC is back above $62,000, once again attracting attention! Meanwhile, data from data provider CryptoQuant shows that the number of short-term holders (STH) has dropped from 55%.
But spot bitcoin ETFs recorded a significant net inflow of $253.6 million after three days of losses.
Bitcoin at key levels: can it hold at $BTC As the bitcoin price continues to trade in a sideways range, the focus is on short-term holders (STH) and their impact on the market: a recent analysis by CryptoQuant shows that the realized share of STH has dropped significantly from 55% three months ago to 40% now.
This change suggests that short-term holders, especially those holding bitcoin for one week to six months, are becoming more sensitive to price fluctuations.
CryptoQuant also emphasizes that the key price level for STH is currently $62.7K. This level has remained stable over the past three months, which indicates its importance in determining market trends.
Optimism in the market is reinforced by the fact that on October 11, the Spot Bitcoin Exchange Traded Fund (ETF) showed a significant reversal, recording a net inflow of $253.6 million after three days of outflows. The inflows were mainly driven by the #Fidelity Wise Origin Bitcoin Fund, which recorded impressive inflows of US$117.1 million.
In addition, the #ARK 21Shares Bitcoin ETF recorded inflows of US$97.6 million, while the Bitwise Bitcoin ETF attracted US$ 38.8 million.
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