However, CryptoQuant analysts warned in a recent report that high unrealized profits amongst bitcoin holders raise the risks of a sharp price decline. That’s even as rising demand for the Grayscale Bitcoin Trust (GBTC), which has applied for approval to convert to an ETF, narrowing discounts between the GBTC share price and its net asset value, and increasing trading volumes indicate strong anticipation for the spot ETF approval.
Source: https://www.coindesk.com/markets/2024/01/10/btc-supply-in-profit-nears-90-as-price-rallies-on-expected-bitcoin-etf-approval/?utm_medium=referral&utm_source=rss&utm_campaign=headlines