shows that Bitcoin’s price action in the first half of 2023 was mainly dominated by short-term investors.
The metric met with resistance as its reading surpassed the 90% market with Bitcoin’s break above $31,000, suggesting that almost all short-term holders are in profit. A correction in BTC is required in the short-term to reset this metric for further gains. PlanB’s Stock-to-Flow model shows how Bitcoin’s halving affects its price. The basis of the theory is that an asset's price grows as it becomes scarce.
BTC soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S.
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