The founder of Ark Invest, Cathie Wood, recently said that she is optimistic about Bitcoin. Wood said in Ark Invest’s “In The Know” YouTube series that there is a high chance that Bitcoin will turn green in the near future based on on-chain metrics.
She said, “Bitcoin futures are selling for less than Bitcoin in the spot market, and when that happens, we can expect volatility.” Now, we don’t know if it’s going up or down, but you can see from other metrics in the article that our current thinking or best guess is that Bitcoin’s next big swing will be up.
Wood also said that the fact that more short-term holders (STHs) are selling their shares is a good sign for long-term holders. She said, “It seems, based on our measurements, that short-term holders have given up. In terms of putting in a bottom, this is very good news. At 65.7%, the number of long-term holders is at an all-time high. That means they’ve had Bitcoin for at least a year. We’ve got some very strong holders or HODLers here. This is also very good news, though some long-term investors might sell to mark the bottom.
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