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BlackRock ETF Pushing Bitcoin to 'Inflection Point' as US Entities Accumulate BTC: Glassnode

Analytics firm Glassnode reports that BlackRock's Bitcoin spot ETF application has led to an increase in the share of Bitcoin supply held and traded by US entities. This surge in US-based Bitcoin ownership is a potential inflection point in supply dominance if the trend continues. Meanwhile, Asian-based market participants appear to be distributing their Bitcoin stacks.

Glassnode also notes that approximately 560,000 Bitcoin owned by short-term holders were purchased at a price close to the current value of BTC, indicating that more short-term holders could see their positions in the red if Bitcoin goes through a mild corrective phase.

Bitcoin Bitcoin $98,532.90
+0.15%
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