The Impact of ETFs on bitcoin‘s Price
According to Glassnode, there is significant interest in bitcoin ETFs, with expectations of $70.5 billion in investments. The anticipation of rules in October has drawn the attention of major investors, leading to a positive trend in the market.
Long-term vs Short-term
Glassnode has categorized bitcoin holders into Long-Term Holders (LTHs) and Short-Term Holders (STHs) based on how long they keep their holdings. This classification helps in analyzing the market, planning trading, and managing risks by providing insights into different investor groups and market cycle stages.
Traders Turn Bearish
The state of traders has been observed, revealing that 108,000 bitcoin options are set to expire. With a Put Call Ratio of 0.83 and a max pain point at $33,000, there are indications that the price may drop, impacting the market.
The total value of the expiring bitcoin options is a massive $4.04 billion, signifying a significant potential impact on the market. As of the latest update, BTC was trading at $37,409.08, showing a 0.3% increase.
It is evident that the interest in bitcoin ETFs and the behavior of bitcoin holders and traders are directly influencing the current state of the market. With ongoing speculations and the potential for large investments, the future of BTC remains uncertain. Only time can reveal whether BTC will continue to grow further.
### News source: eng.ambcrypto.com