After hitting its all-time high of $69,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) has been moving sideways. As of press time, Bitcoin is trading 1.75% down at a price of $63,823 with a market cap of 1.203 trillion.
Some on-chain metrics show that long-term BTC holders have started with profit-booking and distributing their coins for the first time in six months. Sharing the graph of Long-Term holder distribution, popular crypto analyst Will Clemente explains:
Long-term holders buy BTC into weakness and sell into strength. We’ve just gotten our first red prints on LTH net position change in over 6 months, showing bull market distribution has begun.
On the other hand, the Bitcoin funding rate for long futures position has also calmed down across the board. This could be a sign of the slowdown in the bullish momentum going ahead. Another popular journalist Colin Wu explains that short-term holders resolved to profit-booking on Friday pushing the BTC 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
U.S. SEC Rejects VanEcks Spot Bitcoin ETF
On Friday, November 12, the U.S. Securities and Exchange Commission (SEC) announced that it has rejected the spot Bitcoin exchange-traded fund (ETF) run by VanEck. This ETF seeks to track the spot movement of the BTC price.
The rejection stands on the grounds of possible manipulation in the Bitcoin market. The application for the VanEck spot Bitcoin ETF was first filed back in March by the Cboe BZX Exchange. The U.S. SEC also said that VanEck hasn’t done enough to bring confidence that it could prevent fraudulent trading to protect investors.
The Bitcoin price is still trading 5% up since the beginning of November and is trading up nearly 10% on the monthly charts. While the charts show that long-term holders have been taking profits at this price, PlanB, author of the stock-to-flow model is confident that the BTC price can touch $98K by the end of November.