Cryptocurrency exchange Bitfinex has released a report relaying its belief that the digital asset market may be in the early stages of a bull run., several dynamics like bitcoin’s ascent to the $35,000 price range and increasing institutional interest in the leading digital asset show that the market is gearing up for a bull phase.Bitcoin’s surge to the $35,000 range on October 23 was followed by a chain of mass liquidations.
Bitcoin’s move was also accompanied by short-term holders – a cohort of investors who have held BTC for less than six months –a significant amount of profits. The short-term holder Spent Output Profit Ratio surged intra-day to 1.059, the highest seen since April 11. As the metric moves above one when investors realize a profit on their holdings, the current value shows that short-term holders took the largest amount of profit since April.
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