Bitcoin Whales Push Apex Crypto To $67K: What Happens Next?
Portfolio Pulse from Ivan Crnogatić
Bitcoin exchange reserves have hit a multi-year low, indicating strong institutional demand. However, with 94% of Bitcoin's circulating supply in profit, short-term profit-taking could occur. New institutional players are accumulating Bitcoin, pushing its price higher.
October 17, 2024 | 3:46 pm
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Bitcoin exchange reserves have decreased significantly, indicating strong institutional demand. However, with 94% of Bitcoin's circulating supply in profit, there is potential for short-term profit-taking.
The decrease in Bitcoin exchange reserves suggests strong institutional demand, which is typically bullish. However, the fact that 94% of the circulating supply is in profit could lead to short-term selling pressure as investors take profits.
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