In partnership with

What we will talk about today...

Bitcoin Sell-Side Risk Hits 2024 Low, $10K From Record Price

Sell-side risk for Bitcoin has hit its lowest point in 2024, with sellers showing little interest in offloading their BTC despite prices being just 15% below record highs. Onchain data highlights strong network activity and positive sentiment among investors.

• Main Points:

  • Sell-side risk at 2024 low: Sellers are not rushing to liquidate Bitcoin, with the sell-side risk ratio dropping to its lowest level this year.

  • Strong network activity: Despite lower sell-offs, Bitcoin still generates over $500 million in daily profits on average.

  • STH holders in profit: Short-term Bitcoin holders (STHs) are now in the black, with a cost basis of around $62,250.

  • $10K from all-time highs: Bitcoin prices hover within 15% of the March high, with minimal selling pressure from long-term holders.

• Detailed Insights:

  • Sell-side risk at 2024 low: CryptoQuant’s data reveals that Bitcoin’s sell-side risk ratio has collapsed, sitting below 20,000, compared to nearly 80,000 during March’s price peak. Sellers are showing little interest in offloading BTC despite price volatility.

  • Strong network activity: Bitcoin’s on-chain data shows a daily average of $500 million in realized profits, reflecting a healthy and active network despite lower sell-side pressure.

  • STH holders in profit: Short-term holders have re-entered profit zones after months of uncertainty, with an STH cost basis of around $62,250.

  • $10K from all-time highs: Bitcoin is currently just $10,000 away from its all-time high, yet few investors seem eager to sell, signaling strong market confidence and potential further price gains.

Related: SEC Approves Bitcoin Options on BlackRock ETF: Market Reacts

With sell-side risk at a low and network activity robust, Bitcoin is poised for continued upward momentum as investor confidence remains strong.

Navigate the Stock Market with these Free Daily Trade Alerts

• Master the market in 5 minutes per day

• Hot stock alerts sent directly to your phone

• 150,000+ active subscribers and growing fast!

Gain Free Access Here

Just Clicking The Link Helps Us Continue
For Free Forever

WHAT WE RECOMMEND😉

To have an Invested Mind, we need Entertainment. Here are some Entertaining, Exciting, and Useful sites for You

Just Clicking The Subscribe Button Helps Us Continue
For Free Forever

Michael Saylor Backs BlackRock’s Ultra-Bullish Bitcoin Outlook

Michael Saylor, cofounder of MicroStrategy, endorsed BlackRock’s recent bullish comments on Bitcoin. BlackRock’s head of digital assets, Robbie Mitchnick, described Bitcoin as a global, decentralized, and non-sovereign asset, gaining popularity amid economic uncertainties.

• Main Points:

  • BlackRock praises Bitcoin: Mitchnick described Bitcoin as an emerging global monetary alternative with no ties to specific countries.

  • Bitcoin combines risk-on and risk-off properties: Mitchnick highlighted Bitcoin’s unique blend of risk profiles, making it attractive to investors.

  • Key drivers for Bitcoin: The fourth Bitcoin halving and SEC’s approval of Bitcoin ETFs are significant factors boosting Bitcoin’s value.

  • BlackRock ETF absorbs $100M: BlackRock’s spot Bitcoin ETF saw a surge of nearly $100 million in inflows, outperforming other Bitcoin ETFs.

• Detailed Insights:

  • BlackRock praises Bitcoin: Robbie Mitchnick emphasized Bitcoin’s role as a scarce, decentralized, and non-sovereign asset, appealing to investors concerned about money printing, fiat currency devaluation, and global economic challenges.

  • Bitcoin as risk-on/risk-off asset: Mitchnick pointed out that Bitcoin’s mix of risk-on and risk-off qualities resonates with investors, adding that key developments this year have increased its fundamental value.

  • Key drivers for Bitcoin: The fourth Bitcoin halving and the approval of spot Bitcoin ETFs by the SEC have been major catalysts for Bitcoin’s growth in 2023.

  • BlackRock ETF absorbs $100M: After a period of zero inflows, BlackRock’s spot Bitcoin ETF gained $98.9 million in inflows on Sept. 24, outpacing other Bitcoin ETFs from Bitwise, Fidelity, and Grayscale.

Related: Is Altcoin Season Approaching? Bitcoin Dominance Tests Key Resistance

With growing institutional support and inflows into Bitcoin ETFs, Bitcoin’s long-term potential as a global financial asset continues to solidify.

Elon Musk Praises Pro-Bitcoin El Salvador President Nayib Bukele for UN Speech

Elon Musk applauded President Nayib Bukele's UN address, where Bukele defended his administration's record on freedom of speech and political opposition. The praise comes as Bukele continues to champion Bitcoin and maintain close ties with Musk.

• Main Points:

  • Musk praises Bukele's UN speech: Bukele reaffirmed El Salvador’s commitment to protecting civil liberties, freedom of speech, and property rights.

  • Continued support from Musk: Musk has consistently shown support for Bukele, recently praising his stance on freedom of speech.

  • Bitcoin as legal tender: Under Bukele, El Salvador became the first country to adopt Bitcoin as legal tender in 2021.

  • Controversy surrounding Bukele: Despite his claims, Bukele faces criticism for media restrictions and his controversial reelection campaign.

• Detailed Insights:

  • Musk praises Bukele's UN speech: Musk took to X to endorse Bukele’s UN speech, where the Salvadoran president emphasized that his administration does not stifle opposition or censor opinions, claiming full support for civil liberties.

  • Continued support from Musk: Musk’s support for Bukele isn’t new; last month, he praised Bukele’s stance on free speech during the arrest of Telegram CEO Pavel Durov in France.

  • Bitcoin as legal tender: Bukele’s administration has attracted global attention for its adoption of Bitcoin as legal currency, positioning El Salvador as a Bitcoin pioneer.

  • Controversy surrounding Bukele: Despite his statements, El Salvador ranks low on the World Press Freedom Index, and Bukele's anti-gang policies and reelection bid have drawn criticism from international observers.

Related: Bitcoin on the Edge: Will the 200-Day SMA Breakout Push Prices to $70K?

While Musk continues to back Bukele, critics argue that the Salvadoran president’s claims about freedom of speech are at odds with El Salvador’s press freedom ranking and political controversies.

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay Tuned For More Twists and Turns in
🚀The Crypto World & Happy Investing🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results