Bitcoin bounces back to $45,000 as talk of ETF gains momentum.
Bitcoin Surges to $45,000 Amidst Growing ETF Enthusiasm
Bitcoin has experienced a 5.6% price increase in the past 24 hours, reaching a trading value of just over $45,000. This surge comes as exchange-traded funds (ETFs) and Bitcoin dominate conversations in the crypto community, as reported by Santiment’s hourly social media tracking data.
According to Santiment’s data, Bitcoin is the most talked-about cryptocurrency, accounting for 5.4% of all crypto-related social media discussions. Out of these discussions, 48.7% express a positive sentiment, 33.4% are negative, and the remaining portion remains neutral.
It is important to note that despite the current market enthusiasm, Bitcoin’s popularity is still a long way from its peak in June 2023. During that time, Bitcoin was mentioned in over a quarter of all crypto-related social media posts, with social volume exceeding 15,000.
The positive sentiment surrounding Bitcoin has led long-term holders to maintain their positions with strong conviction. MacroMicro’s data reveals that 70.5% of Bitcoin’s supply has not been moved for one year or more, reaching the highest level this year.
This is a promising sign, as Bitcoin that remains untouched is less likely to be sold in the near future. Furthermore, data from CryptoQuant shows that Bitcoin reserves on exchanges are currently at their lowest point in a year, indicating that owners are not expecting to sell anytime soon.
In conclusion, Bitcoin’s recent surge to $45,000 is fueled by the growing enthusiasm for exchange-traded funds. The positive sentiment surrounding the cryptocurrency has led to long-term holders maintaining their positions, indicating a strong belief in its future potential.
