The occurrence of a historical maximum is associated with the possibility that holders with higher profits start selling at least part of their BTC to obtain benefits. Consulting firm Ecoinometrics argues that there are at least two reasons why this is not happening at the present time.
One of them is that the MVRV metric, the quotient between the market capitalization and the effective capitalization, is currently close to 3. This means that, if the BTC capitalization is calculated at the price that they had the last Once they changed hands, this is three times less than the current market capitalization.
Another possibility to keep BTC retained is that it could be used as collateral for arbitrage operations on decentralized finance platforms (DeFi). Also, funds in BTC can serve as collateral to obtain loans or earn interest on centralized platforms.
In the meantime, the major cryptocurrencies are in a moment of splendor since last Tuesday with the first Bitcoin ETF in the US. This ETF, launched by ProShares, narrowly broke the all-time fundraising record on its opening day. ProShares’ Bitcoin Strategy ETF surpassed $ 1 billion in sales on Tuesday and was the second highest performing ETF on its opening day in the United States. At the close of the New York Stock Exchange, where the ProShares Bitcoin ETF is traded, almost 30 million shares of it have been sold in two days, which represents a collection of more than $ 1,291 million.
The stock of this ETF, which tracks CME futures contracts, began trading at $ 40.00 and at the time of writing this article is selling for $ 43.28, which represents an appreciation of 8 , 2% compared to its initial price.
The Bitcoin ETF introduced by Valkyrie could be launched this Wednesday, October 20, and that of VanEck, whose launch is scheduled for next Monday, October 25. 16 bitcoin ETF applications are pending decision, on which the US Securities and Exchange Commission has yet to comment.
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