Analyst: Markets may be at a temporary top ahead of the US election
An analysis of data on the Bitcoin chain in this week's Copper Opening Bell report shows that 98% of short-term holders' wallet addresses are now in profit. Historically, when this percentage rises significantly, investors look to lock in their profits and therefore tend to see selling pressure. According to Copper analysts, this could indicate that the market is experiencing a temporary top ahead of the US elections. The analysts also noted that overall enthusiasm remains subdued despite the large inflows into the spot bitcoin ETF. Cumulative net inflows into spot bitcoin ETFs have exceeded $21 billion as of mid-October. However, after seven consecutive days of positive net inflows, ETF activity reversed on Tuesday, with inflows once again negative.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Three major U.S. stock indices closed collectively lower
US stocks extend losses, Nasdaq down 1.66 per cent
BTC falls briefly to touch 65,251 USDT
Fed Beige Book: Inflation Continues to Slow, Prices Moderate in Most Regions