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According to trader Gert van Lagen, long-term Bitcoin holders distributing their acquired coins to new ETF holders is the In mid-May, van Lagen noted that the distribution of long-term Bitcoin holders to short-term ones was already in"full swing." This assumption is based on recent on-chain data that shows the roll over in coins that were held longer than 12 months.Van Lagen has stated that previous distributions of this kind led to"parabolic" price discoveries at first.
Both Fundstrat co-founder Tom Lee and prominent commodity trader Peter Brandt see the price of Bitcoin potentially peaking at $150,000 during this cycle.Despite highly impressive ETF flows, the Bitcoin price plunged on Friday following the release of U.S. jobs data. The number of jobs added in May was much higher than expected. The strength of the labor market will likely dissuade the U.S. Federal Reserve from speeding up rate cuts.
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Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »