Bitcoin has officially crossed the $65,000 mark for the first time since August 1, marking a significant milestone in its price recovery.
This surge can be largely attributed to continued accumulation by whales and sharks, who have collectively purchased $4.08 billion in Bitcoin over the past six months, preventing sustained declines in price.
Bitcoin has officially reached a $65K market value for the first time since August 1st. Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08B in BTC has been accumulated by 10+ BTC wallets in 6 months. pic.twitter.com/9qGcVqtfZT
— Santiment (@santimentfeed) September 26, 2024
The United States is reclaiming its position as a dominant player in Bitcoin holdings, with its share rising compared to other countries. This increase is fueled by heightened demand for Bitcoin spot exchange-traded funds (ETFs), further solidifying the interest of institutional investors. It’s important to note that only known entities are included in this analysis.
The U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E
— Ki Young Ju (@ki_young_ju) September 26, 2024
As Bitcoin steadily rises, the number of holders in profit is also climbing. If BTC manages to hold above $65,000, it’s anticipated that over 90% of holders will find themselves in profit— a scenario reminiscent of July when Bitcoin failed to reach new highs after a similar price surge.
Bitcoin is steadily climbing, and with it, the number of holders in profit.
If $BTC breaks $65k, well over 90% of holders will be in profit; a level we last saw in July, when Bitcoin ultimately failed to reach a new high.
The question now is: will this time be different? pic.twitter.com/hs156tGzfy
— IntoTheBlock (@intotheblock) September 26, 2024
Bitcoin Spot ETFs Recorded Net Inflow Of $106 Million
Recent data shows that Bitcoin spot ETFs recorded a net inflow of $106 million on September 25, continuing a streak of five consecutive days of inflows. Notably, BlackRock’s IBIT ETF attracted $184 million, underscoring the growing institutional interest. Ethereum’s spot ETF also saw significant inflows, with a total of $43.23 million, including $26.63 million coming from Grayscale’s ETF.
Bitcoin spot ETF had a total net inflow of $106m on September 25, continuing its net inflow for 5 consecutive days. BlackRock ETF IBIT had an inflow of $184m. The total net inflow of Ethereum spot ETF was $43.2341m. Grayscale ETF ETH inflow was $26.6288m.https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) September 26, 2024
With Bitcoin’s resurgence and increasing market interest, all eyes are on whether it can maintain this momentum and break through to new highs, potentially setting the stage for a new bullish phase in the market. Investors remain optimistic as the cryptocurrency landscape continues to evolve.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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