The Bitcoin Realized Profit/Loss Ratio has dipped below 1, signaling that investors are currently experiencing more losses than profits. This trend, observed over the past six months, historically suggests a potential local bottom for Bitcoin ($BTC).
The #Bitcoin Realized Profit/Loss Ratio has fallen below 1, suggesting that investors are currently realizing more losses than profits. Historically, this trend has indicated a local bottom for $BTC over the past six months. pic.twitter.com/5GgZ63XV68
— Ali (@ali_charts) April 14, 2024
In a significant development for the cryptocurrency market, China Asset Management, Bosera Capital, HashKey Capital Limited, and Harvest Global Investments have received approval from the Hong Kong Securities and Futures Commission for their Bitcoin and Ethereum spot ETF applications.
Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7
— Wu Blockchain (@WuBlockchain) April 15, 2024
This milestone allows investors to directly utilize Bitcoin and Ethereum to subscribe for corresponding ETF shares, opening up new avenues for participation in the crypto market.
Bitcoin Whales Are Yet To Continue Accumulation
Despite the ETF approvals, data tracked by @intotheblock indicates that BTC whales have yet to resume accumulation, signaling cautious sentiment among large investors.
$BTC faced a significant correction over the weekend, but Bitcoin whales aren’t buying yet. Check out our latest idea on @tradingview 👇https://t.co/Ny1hmG1iJz
— IntoTheBlock (@intotheblock) April 15, 2024
Adding to the intrigue of recent developments, Lookonchain reports that a miner wallet, dormant for nearly 14 years, has suddenly become active and deposited 50 BTC (approximately $3.28 million) into Coinbase. This miner initially earned the 50 BTC from mining activities on April 23, 2010, and has held onto the cryptocurrency until now.
A miner wallet woke up after being dormant for nearly 14 years and deposited 50 $BTC($3.28M) to #Coinbase 5 mins ago.
The miner earned 50 $BTC from mining on Apr 23, 2010, and has been holding it to this day.
Address:
15sxzZ4QSaoiMo5KYH9ab4xQj34yeJmKgb pic.twitter.com/DRw9U5Xy8N— Lookonchain (@lookonchain) April 15, 2024
The emergence of this long-dormant wallet raises questions about the motivations behind its sudden activity and its potential impact on the market. Such occurrences serve as a reminder of the unique dynamics and occasional surprises within the cryptocurrency space, where dormant assets can suddenly resurface, influencing market dynamics.
As Bitcoin navigates through a phase of realized losses and regulatory advancements, market participants will keenly observe the interplay between investor sentiment, institutional activity, and technological developments to gauge the future trajectory of the cryptocurrency market.
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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