US Investors Hold 4.9% Of Bitcoin Supply Through ETFs: Institutional Adoption Driving BTC?

Quick Summary:

Bitcoin has shown robust price action over the past few weeks and is pushing toward the critical $69,500 resistance level, with eyes set on previous all-time highs.

A significant shift in market dynamics accompanies this surge, as data from CryptoQuant reveals that American investors now hold 4.9% of the total Bitcoin supply through spot ETFs.

This price level is significant as it aligns with the 4-hour 200-day moving average (MA) and the exponential moving average (EMA), two key indicators traders often rely on to assess market strength.

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Article Details

Author / Journalist: Sebastian Villafuerte

Category: Crypto

Markets: Hungary

Topics: Bitcoin analysis Bitcoin Institutional Buying Bitcoin Bitcoin news Bitcoin ETF Supply Bitcoin Price Action BTCUSDT Bitcoin News Btc Spot Bitcoin ETFs

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-28 @ 13:30:44 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 590 words

Reading Time: 4 minutes read

Sentences: 51 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 23288390

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 8 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 10 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #105

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