S&P 500 pulls back from record high as chip-led slump in tech weighs
U.Today - As Bitcoin once again approaches six figures, the words of its enigmatic creator, Satoshi Nakamoto, have resurfaced.
In a recent tweet, Alex Thorn, Head of Research at Galaxy, revisited the Bitcoin creator’s now iconic statement, which precisely expresses Bitcoin’s current sentiment: "It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy."
This statement, obviously a prediction, believed to have been made by Satoshi in the early days of Bitcoin, has come back into the spotlight as Bitcoin regains upward momentum.
Bitcoin, on Thursday, hit its highest level since February, nearing the $100,000 mark. At press time, the leading cryptocurrency was up 2.66% in the last 24 hours to $99,583, according to CoinMarketCap data. Earlier, it rose as high as $99,919.
Bitcoin has steadily increased since May 5 and would mark the fourth consecutive day of gains if today closes in the green. Bitcoin has risen from lows near $93,000 since the beginning of the week, gaining about 4% over the last seven days.
3 million BTC returns to profit
The current rebound in the Bitcoin price has returned more than 3 million BTC to profit, significantly easing the financial stress that had been mounting among investors since the market’s drop from the December 2024 ATH. This rebound has sparked an uptick in fresh capital inflows and has seen the Realized Cap expanding by 2% over the last month.According to Glassnode, as the market approached a recent local low of $74,000, more than 5 million BTC were under water. However, as the market has recovered, this figure has dropped to roughly 1.9 million BTC, showing that more than 3 million BTC have returned to profitability. This generally serves to improve investor sentiment.
While prices are rebounding, Glassnode observed that volatility premiums are squeezed in options markets, with several on-chain indicators indicating the market is at a critical decision point, and volatility may be underpriced as a result.