Bitcoin (BTC) is in weak hands, says VanEck’s Gabor Gurbacs

Bitcoin (BTC) is in weak hands, says VanEck's Gabor Gurbacs

Bitcoin (BTC), the largest cryptocurrency, lost 14.3% after setting a two-year high inspired by the long-awaited approval of ETFs in the US. Even though some investors decided to take profits in the waters Below $50,000, the central bullish trend remains indisputable. say analysts and traders.

Bitcoin (BTC), the largest cryptocurrency, lost 14.3% after setting a two-year high inspired by the long-awaited approval of ETFs in the US. Even though some investors decided to take profits in the waters Below $50,000, the central bullish trend remains indisputable. say analysts and traders.

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Bitcoin (BTC) Flows into Strong Hands: VanEck and Tether Advisor Not Surprised

As Bitcoins (BTC) change hands, “strong hands” allocate the coins that weak hands sell. This situation does not seem unusual to cryptocurrency veteran Gabor Gurbacs, strategy advisor at Tether Limited and VanEck, said January 19 on X.

The whole situation demonstrates “nothing new,” he admitted.

As Guru-Investingpreviously reported, Gurbacs is excited about the potential effects of US regulators giving the green light to Bitcoin ETFs.

Related
Crucial Spot Bitcoin ETF Prediction Issued by Gabor Gurbacs of VanEck

It foresees a 10- to 50-fold increase in the accessibility of Bitcoin (BTC) as an investment instrument for various classes of asset managers in a single year.

At press time, Bitcoin (BTC) is trading at $41,539, up 0.9% in the last 24 hours. BTC trading volume saw a 17% decline in the corresponding period.

How strong are these hands?

Meanwhile, on-chain analysts managed to estimate the “strength” of long-term holders’ hands. According to research by a pseudonymous Bitcoin (BTC) analyst who goes by @TXMCtrades on X, most of them hold their assets for 1.5 to 2 years before turning a profit.

The author and host of the Alpha Beta Soup trading channel indicated that this pattern has been valid for at least the last 10 years. In contrast, taking profits after 3.5 to 4 years of HODLing is a “bull run artifact.”

Related
Major Bitcoin (BTC) Price Metric ‘Significantly Positive’, Glassnode Says

As Guru-Investingpreviously reported, the average long-term holder enjoys a 55% profit on their deposit given current prices, Glassnode researchers said.

This metric looks “significantly positive” to analysts in January 2024.

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