After Bitcoin reached an all-time high of $69,000 earlier this week.
The world’s largest cryptocurrency Bitcoin has been moving sideways.
At press time, Bitcoin is trading down 0.63% at $63,623 with a total market capitalization of $1.19 trillion.
Some metrics show that long-term holders of Bitcoin are beginning to book profits and distribute their cryptocurrency for the first time in six months.
Will Clemente, a crypto market analyst, by sharing a graph of the long-term distribution of Bitcoin holders, explains:
Bitcoin long-term holders are buying weak and selling aggressively.
We just got our first red print of a long-term position change over 6 months ago, which indicates that the bull market distribution has begun.
On the other hand, the long-term Bitcoin futures funding rate has also subsided across the board.
This could be a sign that the bullish momentum is slowing.
Journalist Colin Wu explains that short-term holders decided to book profits on Friday, which pushed the bitcoin price to a low of $62,300.
BTC fell to $62,300 last night. According to the glassnode, short-term holders, which were profitable, were sold at around $63,800, further exacerbating the price drop. pic.twitter.com/m2rXpy52KD
— Wu Blockchain (@WuBlockchain) November 13, 2021
SEC rejects VanEcks’ Bitcoin ETF:
On Friday, November 12, the US Securities and Exchange Commission (SEC) announced that it had rejected the VanEck-controlled spot crypto-trading fund (ETF).
This ETF seeks to track the immediate movement of the Bitcoin price.
The rejection stands on the grounds of possible Bitcoin market manipulation.
The VanEck ETF was first placed in March by trading platform Cboe BZX.
According to the SEC, VanEck did not do enough to bring confidence that it could prevent fraudulent trading to protect investors.
Bitcoin price is still trading up 5% since the beginning of November and is trading around 10% on the monthly charts.
While the charts show that long-term stockholders have been profiting at this price, PlanB, the author of the supply-to-flow model, is confident that the price of Bitcoin could reach $98,000 by the end of November.
After the SEC refused to approve the “VanEck” Bitcoin ETF…Here’s what the crypto community can learn
Alameda and Cumberland account for approximately 55% of the total USDT supply