Last Thursday (21st), the Federal Reserve decided to suspend interest rate hikes in September, and Bitcoin briefly broke through $27000. However, multiple officials expect to raise interest rates by another one yard before the end of the year, and the magnitude of next year's interest rate reduction will slow down
Last Thursday (21st), the Federal Reserve decided to suspend interest rate hikes in September, and Bitcoin briefly broke through $27000. However, multiple officials expect to raise interest rates by another one yard before the end of the year, and the magnitude of next year's interest rate reduction will slow down. Against this backdrop, Bitcoin has continued to fluctuate and fall. It once fell below $26000 at 8am today (25th), and is currently trading at $26088 before the deadline, down 1.84% in the past 24 hours.
Ethereum (ETH) has also shown a similar trend, with its lowest point approaching $1560 this morning and closing at $1572 before the deadline. It has fallen by 1.05% in the past 24 hours.
Bitcoin long-term holders hold 13.44 million BTCs
However, despite market turmoil, according to analysis by intoTheBlock, there seems to be no significant selling behavior among long-term holders of Bitcoin. Currently, long-term holders have 13.44 million Bitcoins, close to a record level, accounting for 69% of the circulation supply.
Historically, these holders have maintained prices in bear markets and profited in bull markets.
Will there be good news for Bitcoin spot ETFs in October?
Another focus of market attention is whether Bitcoin spot ETFs can smoothly obtain SEC approval? Mike Novogratz, CEO of the well-known cryptocurrency investment management firm Galaxy Digital, predicted at the Mainnet 2023 conference hosted by Messari on the 23rd that Bitcoin spot ETFs will receive good news in October of this year, with Bitcoin spot ETFs available for trading as soon as early December of this year.
Mike Novogratz mentioned that Invesco has teamed up with Galaxy Digital to submit a Bitcoin spot ETF application, and currently there are 7 or 8 reliable competitors applying. He believes that these ETFs may be launched on the same day, and Bitcoin is an international asset. Considering the sales capabilities of these ETF issuers, the game rules will change, and Bitcoin prices are bound to be pushed up.
(Personal opinions do not constitute suggestions)
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