Bitcoin Short-Term Holders See 98% Profitability, Potential Sell-Off Pressure

According to BlockBeats, an analysis of Bitcoin's on-chain data in the Copper Opening Bell report on October 24 indicates that 98% of short-term holder wallet addresses are currently in a profitable state. Historically, when this proportion rises significantly, investors tend to lock in profits, leading to sell-off pressure. Copper analysts suggest that this could imply the market is experiencing a temporary peak ahead of the U.S. elections. Copper analysts also highlighted that despite substantial inflows into spot Bitcoin ETFs, overall enthusiasm remains subdued. As of mid-October, cumulative net inflows into spot Bitcoin ETFs have exceeded $21 billion. However, after seven consecutive days of positive net inflows, ETF activity reversed on Tuesday, turning negative once again.