As October draws to a close, the market is showing signs of a resurgence in buying mood, indicating a noteworthy resurgence and enabling the ‘Uptober’ trend to reach its full potential.
Following rumours of impending ETFs, the price of Bitcoin surged to a height of $35K on Monday, marking a positive start to the week. But investors are facing uncertainty in the face of growing profit-taking signs seen in on-chain data: is this bull run a trap? Does it have the structural stability to continue at this rate?
Greed of Investors Supported by Fundamentals
According to Coinglass, the market has experienced a broad liquidation of almost $429 million in the last day, with short positions accounting for a huge $323 million.
Crypto Bull Run: Is ‘Uptober’ Trend the Real Deal,Crypto Bull Run: Is ‘Uptober’ Trend the Real Deal
It’s interesting to note that October revived the 2023 cryptocurrency sentiment, with the market capitalization reaching an annual high and is circling $1.28 trillion.
The present boom is supported by a number of key elements related to exchange-traded funds (ETFs). A favourable court ruling for Grayscale has fueled optimism in recent days for the launch of bitcoin ETFs in the United States.
The possibility that its flagship GBTC product would develop into a full-fledged ETF is increased by this move. Furthermore, BlackRock’s exchange-traded fund made progress after placing its product (IBTC) on a website run by Depository Trust & Clearing Corp., replete with a unique ID.
While this development does not directly indicate that an ETF has been sanctioned, the community remains optimistic and expects approval in the near future. The market is seeing a surge in institutional money, which suggests that the current bull run will continue.
This Time, Investors Are Confident
Approximately 80% of Bitcoin addresses are presently profitable, according to data from IntoTheBlock, indicating a positive market attitude and a lower inclination among investors to sell at this time.
However, short-term bulls took advantage of the abrupt spike in Bitcoin’s value and liquidated holdings totaling close to $50 million. It is not anticipated that this little profit-taking would cause the present market to decline.
With over 10% gains in both Bitcoin and Ethereum over the past day, along with explosive increases in other cryptocurrencies, investor demand to amass more coins is surging. The fear and greed index increased to 66 as a result of the market circumstances fueling an exponential rise in greed.
Crypto Bull Run: Is ‘Uptober’ Trend the Real Deal,Crypto Bull Run: Is ‘Uptober’ Trend the Real Deal,Crypto Bull Run: Is ‘Uptober’ Trend the Real Deal, Uptober Crypto news, Uptober coin News