• Bitcoin (BTC) has been performing well since the beginning of the year, but recently there have been expectations of BTC breaking into new levels and reaching yearly highs.
• Exchange Traded Funds (ETFs) have seen a sharp increase in their holdings, signaling a change in market sentiment.
• Meanwhile, the number of addresses holding Bitcoin has grown significantly over the past month, indicating increased interest from both retail and wealthy investors.
Bitcoin Fuels Up For The Long Ride
Bitcoin (BTC) has been performing well since the beginning of the year, with price action relying on previously recovered support areas to continue its uptrend and outstanding performance. Lately, there have been more expectations of BTC breaking into new levels and reaching yearly highs. Despite the slowdown in Bitcoin’s price action, some indicators suggest that it may be on the verge of a significant upside along with the market sentiment. This upside trend may result in a new bull run as investors return to the cryptocurrency market en masse.
Exchange Traded Funds (ETFs)
According to a report from ByteTree, Exchange Traded Funds (ETFs) have seen a sharp increase in their holdings. Not just one, but three different ETFs have added over 1,465 Bitcoins this month. This indicates that the crypto industry’s market sentiment has changed since the beginning of 2023 despite crises like bankruptcy filings or feuds between exchanges and trading firms. Together, retail and wealthy investors are fueling BTC’s rally.
Addresses Holding Bitcoin
The chart below shows that the number of addresses holding Bitcoin has grown significantly over the past month. The number of addresses holding 0.1+ coins, often associated with retail investors, hit an all-time high (ATH) of 4,217,261 according to Glassnode data – surpassing its previous all-time high reported on January 11th 2023 with an amount of 4,217135 addresses holding flagged currency.
BitStarz Player Lands Record Win
In addition to institutional investment pouring into Bitcoin markets another source for optimism is BitStarz player who landed a record win worth 2 million dollars! This recent news demonstrates that not only are institutional investors entering crypto markets but also regular players who can take advantage of cryptocurrency games such as those found at BitStarz Casino can potentially hit it big too!
Conclusion
To conclude it appears that Bitcoin is slowly gaining momentum after months accumulation sideways action before finally taking off reclaiming previous highs! Exchange traded funds have seen an influx which signals positive investor sentiment while individual holders have also increased showing increasing interest from both retail and wealthy investors alike! Finally even regular players can hit big wins like at BitStarz casino which adds further evidence for bullishness ahead!