Bitcoin Realized Profit/Loss Ratio Drops Below 1 As Whales Stay On Sidelines Despite ETF Approvals

The Bitcoin Realized Profit/Loss Ratio has dipped below 1, signaling that investors are currently experiencing more losses than profits. This trend, observed over the past six months, historically suggests a potential local bottom for Bitcoin ($BTC).

The #Bitcoin Realized Profit/Loss Ratio has fallen below 1, suggesting that investors are currently realizing more losses than profits. Historically, this trend has indicated a local bottom for $BTC over the past six months. pic.twitter.com/5GgZ63XV68

— Ali (@ali_charts) April 14, 2024

In a significant development for the cryptocurrency market, China Asset Management, Bosera Capital, HashKey Capital Limited, and Harvest Global Investments have received approval from the Hong Kong Securities and Futures Commission for their Bitcoin and Ethereum spot ETF applications. 

Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7

— Wu Blockchain (@WuBlockchain) April 15, 2024

This milestone allows investors to directly utilize Bitcoin and Ethereum to subscribe for corresponding ETF shares, opening up new avenues for participation in the crypto market.

Despite the ETF approvals, data tracked by @intotheblock indicates that BTC whales have yet to resume accumulation, signaling cautious sentiment among large investors.

$BTC faced a significant correction over the weekend, but Bitcoin whales aren't buying yet. Check out our latest idea on @tradingview