Nearly 100% of Bitcoin Supply Turns Profitability Pending ETF Approval
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Answer Nearly 100% of Bitcoin Supply Turns Profitability Pending ETF Approval
Bitcoin (BTC) has seen a price rally, and this bullish momentum enabled the leading cryptocurrency to briefly break above the psychological $60,000 level and the recent weekly close above it.
Bitcoin price is up 2.57% over the past 24 hours to reach $62,220 in intraday trading, according to CoinMarketCap.
Almost 100% of the Bitcoin supply is due to profitability, as clarified The data analysis platform “Glassnode” is as follows:
With Bitcoin attacking $60,000 again, only 0.98% of the circulating supply has been spent at higher prices.
Owners of over 185,816 bitcoins have combined through all the ups and downs of the past six months.Read:After creating a lot of noise and momentum: Dogecoin co-founder criticizes “ApeCoin”
This means that 99.02% of the Bitcoin supply is now in the profit bin.
Bitcoin reached its all-time high of $64,800 in mid-April, but the correction that followed pushed the cryptocurrency’s top to lows of $30,000 a month later, and Bitcoin is trying to break the previous high with only $2,000 left.
The Importance of SEC Approval of a Bitcoin ETF:
According to Bloomberg, the Securities and Exchange Commission (SEC) has given positive indications that it may soon approve several Bitcoin futures ETFs.
This approval is necessary and important because it will expose millions of Americans to cryptocurrency and put them in a position to have exposure to cryptocurrency.
Additionally, the public will see Bitcoin as a legitimate asset class.
A Bitcoin ETF is a type of investment fund that tracks the spot price of Bitcoin.
Meaning, it enables investors to trade and buy shares of it on traditional exchanges, without resorting to cryptocurrency trading platforms.
By owning a Bitcoin ETF, investors can access many stocks in the same category, such as the banking industry, the technology industry or the oil industry…Read:Central Bank of Russia: Cryptocurrencies are rarely used to withdraw stolen funds
ETFs also offer diversity in investor portfolios and provide a mix of investments such as stocks, commodities and bonds.
Today, the picture will become clearer with the SEC’s approval of the first Bitcoin futures ETF.
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