Nearly 90% of bitcoin (BTC) supply being held is in profit as prices climbed past $46,000 Tuesday in growing anticipation of approval for a U.S. spot exchange-traded fund (ETF), CryptoQuant data show.
One scenario CryptoQuant lays out is if bitcoin reaches $48,500, the average unit price of those holding crypto for between 2-3 years, a market correction is likely to occur, with potential support levels at $34k and $30k, the research firm wrote in a post.
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