The hype regarding the spot BTC ETFs has lately been reportedly driving the market rally. In line with that scenario, the unrealized profit of BTC holders has seen considerably rapid expansion in comparison with those having invested in Ethereum. Glassnode, a prominent on-chain statistics provider has disclosed the latest insights into this development.
Glassnode Shows Expansion in BTC Holders’ Unrealized Profits
As per Glassnode, this significant development has emerged in the Net Unrealized Profit/Loss metric. In the case of Bitcoin, this metric has gone beyond the level of 0.5. In addition to this, the respective metric has reportedly entered the euphoria segment. The analytics provider has pointed out that Bitcoin has reached this level of the metric quite early.
Glassnode brought to the front that the respective phase has come 3 months earlier for Bitcoin in comparison with Ethereum. The overall news regarding exchange-traded funds has also played a significant role in this respect. One of such factors takes into account the recent inflows in the top Bitcoin ETFs. Due to this, the BTC holdings of these exchange-traded funds are spiking.
The Hype Concerning Spot Bitcoin ETFs Rises
Moreover, the approval of BTC ETFs in Hong Kong is also very assistive in the entire development. Following this move, famous platforms are making efforts to increase the adoption of spot Bitcoin ETFs. Hence, Harvest Global Investments (a prominent spot ETH and BTC ETF issuer) has also disclosed its intentions.
The company revealed that it wants to offer the respective funds to investors in mainland China. However, it focuses on the provision of funds via the Hong Kong Stock Connect. As per the reports, the development could widely grow the investor base. Furthermore, the overall standing of Bitcoin in the market will also have an impact due to such endeavors.
