Bitcoin regains $45,000 amid ETF chatter

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Bitcoin hit $45,000 as exchange-traded fund enthusiasm fuels newfound market enthusiasm.

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Bitcoin 7-day price chart | Source: CoinMarketCap

As of press time, Bitcoin (BTC) is trading at just over $45,000 after its price increase by 5.6% over the last 24 hours. The coin’s price is seeing positive volatility as exchange-traded funds (ETF) and Bitcoin dominate the crypto discourse — according to hourly social media tracking data gathered by Santiment.

Daily social media trending tokens data from Santiment also indicates that Bitcoin tops the charts and accounts for 5.4% of all crypto-related social media chatter. Out of all this discourse, 48.7% is characterized by a positive sentiment, 33.4% by a negative sentiment, and the rest is neutral.

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Social media 24-hour trending tokens. | Source: Santiment

Despite this market enthusiasm, Bitcoin’s current popularity is still far from the heights it had fallen from in June 2023. At the time, Bitcoin was mentioned in over one-quarter of all crypto-related social posts and often exceeded 15,000 social volume.

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Bitcoin’s price (green), social volume (blue), and social dominance (red) chart | Source: Santiment

With such positive sentiment, Bitcoin long-term holders hold onto their coins with particular conviction. According to data from MacroMicro, the percentage of Bitcoin’s supply that has not been moved for one year or more is now at this year’s high of 70.5%.

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Bitcoin supply last active 1+ years ago. | Source: MacroMicro

This is a particularly good sign, considering that Bitcoin that is not being moved often is Bitcoin that is not likely to be sold anytime soon. Bitcoin’s reserve further highlights this on exchanges being near the lowest point it has seen in a year back in December, according to CryptoQuant data. Bitcoin that is not on exchanges is often whose owner does not expect to sell anytime soon.

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Bitcoin exchange reserve. | Source: CryptoQuant


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