- Despite the recent stagnation in BTC prices, holders of the top cryptocurrency continue to have confidence in its upside potential.
- According to Glassnode’s on-chain data, the number of addresses holding 10 or more BTC is currently at an all-time high.
- After previously postponing the application deadline in the first week of September, the agency could possibly postpone the decision once again in line with its rights under the law.
As the Bitcoin market focuses on the critical ETF decision dates in October, the number of addresses holding a minimum of 10 Bitcoins has reached a new record.
Retail Investors Continue to Accumulate Bitcoin
Despite the recent stagnation in BTC prices, holders of the top cryptocurrency continue to have confidence in its upside potential. This confidence largely stems from the hope that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by the end of 2023 or no later than 2024.
The cryptocurrency market has faced a prolonged consolidation period in BTC price over the past few months. According to Glassnode’s on-chain data, the number of addresses holding 10 or more BTC is currently at an all-time high.
This is considered a bullish sign indicating increased confidence among high-net-worth investors and is a positive indicator for the Bitcoin price outlook in the near future. Glassnode’s warning on September 25, 2023, stated:
“The number of addresses holding more than 10 Bitcoins has reached a new all-time high: 157,629.”
Previously, COINOTAG reported analyst comments suggesting that BTC may have formed a bear trap before likely reclaiming the $27,000 level.
Critical Dates for Bitcoin ETFs
Meanwhile, the SEC’s next decision date for spot Bitcoin ETF applications is set for October 16, 2023. Traders will be watching for the SEC’s decision on the Blackrock application on October 17, 2023. However, the agency may likely defer the decision once again under its own discretion, as it did earlier in the first week of September.
