![Bitcoin holders in profit soar to 84% as Bitcoin solidifies position above $63k](https://cryptoslate.com/wp-content/uploads/2024/09/Bitcoin-UTXOs-in-Profit-1-1.png)

Bitcoin’s **Unspent Transaction Outputs (UTXOs)** in **profit** have reached an impressive **84%**, coinciding with the digital asset’s price stabilizing around **$63,800**. This is a significant recovery from earlier this summer when the percentage of profitable UTXOs dipped to about **65%** during price corrections below **$55,000**.

The increase in profitable UTXOs signals a **positive market sentiment**, indicating that more Bitcoin holders are now realizing gains. As the price of Bitcoin climbs, the percentage of profitable UTXOs tends to rise, showcasing potential **bullish momentum** in the market.

Historically, rising profit percentages have aligned with upward price movements, making this metric a key barometer for market confidence. The recent recovery to **84%** UTXOs in profit suggests renewed optimism among investors following a period of volatility earlier this year. Notably, the highest levels were recorded in **March** and **May**, when Bitcoin UTXOs nearly reached **100%**.

![UTXO's in profit (CryptoQuant)](https://cryptoslate.com/wp-content/uploads/2024/09/Bitcoin-UTXOs-in-Profit-1-1-1024x576.png)

This uptick in profitability may influence trading behaviors, as the market appears more confident in Bitcoin's performance moving forward. Investors are closely monitoring these trends as they could indicate future price movements.

Spike in profitable Bitcoin UTXOs to 84% reflects renewed investor optimism

Massive Surge: 84% of Bitcoin Holders Now in Profit as Prices Surge Past $63K!

Bitcoin has made a significant leap, surpassing **$65,500** for the first time in nearly two months, signaling a **bullish** market sentiment among traders. This surge comes on the heels of the **U.S. Federal Reserve's** decision to cut interest rates by **50 basis points**, which has traders speculating on further cuts in the upcoming Fed meeting on **November 7**.

![Bitcoin Surge](https://bravenewcoin.com/wp-content/uploads/2024/09/Screenshot-2024-09-27-at-6.36.18-AM-1024x767.png)

**Key Factors Driving Bitcoin's Rally:**
- The recent surge has reignited interest in **U.S.-based spot Bitcoin ETFs**, with **BlackRock’s iShares Bitcoin Trust (IBIT)** seeing inflows of nearly **$185 million** on Wednesday, following a previous influx of **$98.9 million**.
- Economic developments in **China** are also influencing the market, with reports of a potential **1 trillion yuan** ($142 billion) injection into state banks to stimulate economic growth, which has positively impacted both the **Shanghai Composite Index** and U.S. markets.

### September Accumulation
Over the last month, Bitcoin's ecosystem has seen **notable accumulation**, with approximately **88,000 BTC** acquired on a net basis. This intense buying activity, predominantly from **retail investors**, has not been observed since Q4 2023. Notably, smaller holders, referred to as **“crabs”** and **“shrimps,”** have accumulated **35,000 BTC** in the past month, reflecting increased confidence in the market.

Additionally, over **40,000 BTC** have been withdrawn from exchanges, reducing liquidity and suggesting long-term holding intentions among investors. This accumulation trend, coupled with **74%** of the circulating supply being illiquid, fosters a bullish environment for potential future price increases.

### A Gamma Squeeze?
The **SEC** has approved the listing of physically settled options linked to BlackRock’s spot Bitcoin ETF, which could attract more institutional investors. However, opinions vary on how this will impact Bitcoin's volatility.

**Robbie Mitchnick**, BlackRock’s head of digital assets, clarified misconceptions about Bitcoin being labeled a **“risk-on”** asset, emphasizing its distinct long-term drivers compared to equities. He highlighted Bitcoin's potential as a **“unique diversifier”** and a hedge against various risks, noting its resilience during geopolitical events.

![Market Dynamics](https://bravenewcoin.com/wp-content/uploads/2024/09/Screenshot-2024-09-21-at-8.16.50-AM-1536x964-1-1024x643.png)

Source: BlackRock


Bitcoin surged above $65,000 reaching levels not seen in nearly two months with market sentiment turning bullish.

Bitcoin Breaks $65,000: What’s Fueling This Bullish Surge?

### Arthur Hayes' Market Prediction Track Record
Entrepreneur and former BitMEX CEO **Arthur Hayes** recently shared his market prediction accuracy, revealing a **25% success rate**—only 2 out of 8 predictions correct over the past year. In his candid blog, he described this as "**pretty shit**" using a baseball analogy to illustrate his performance.

### Leveraging Long-Term Trends
Despite the low batting average, Hayes emphasizes that he has remained profitable by **leveraging long-term macroeconomic trends**. He covers key market calls from **November 2023 to September 2024**, including predictions about **Treasury bill issuance**, banking crises, cryptocurrency price movements, and central bank policies.

### The Volatility Supercycle Thesis
Hayes continues to advocate for his **volatility supercycle thesis**, which forms the basis of his long-term market outlook. Recently, his investment fund, **Maelstrom Fund**, sold **1.59 million PENDLE tokens** for a total of **$5.62 million**, incurring a loss of **$1.29 million** in the process.

### Government Policies and Bitcoin's Value
He asserts that governments will keep printing money to suppress volatility, which will inevitably lead to an **increase in Bitcoin's value**. Hayes believes that despite his missed predictions—including an incorrect forecast regarding the **Bank Term Funding Program's** impact—what's more important is being positioned for **inevitable monetary expansion**.

### Advice for Crypto Investors
Hayes predicts that major central banks will continue to ease monetary conditions. He encourages crypto investors to **"sit back, relax, and watch the fiat value of your portfolio pump."**

But the kicker, he wrote in his new essay, is that he’s remained profitable by leveraging long term macroeconomic trends.

Arthur Hayes Admits to Low Prediction Accuracy but Remains Bullish on Bitcoin's Future

## **Copper and Core Bring Secure BTC Staking to Institutional Investors**

George Town, Cayman Islands / London, UK, Sept. 26, 2024 (GLOBE NEWSWIRE) – **Core Foundation**, recognized as a **bitcoin-powered blockchain** and the first enabler of **Bitcoin Staking**, has announced a significant advancement: the integration of **Core’s Dual Staking** – **CORE Staking** and **BTC Staking** – into **Copper's custody platform**. This groundbreaking step allows institutional investors to stake their BTC and CORE securely within their Copper custody accounts, eliminating the need for external wallets and ensuring a **streamlined and secure process**.

![BTC Staking](https://blockchainwire.s3.amazonaws.com/f37f135f-462d-58e7-1913-8fb3afb5f67e/editor_image/1d40fec9-bc1b-4b52-999f-9b2e02d03d81.jpg)

The integration enhances institutions' ability to maximize their digital asset investments efficiently. **Brendon Sedo**, Initial Contributor to Core, emphasized the importance of this development, stating, "This integration with Copper is a significant milestone for Core, as it brings the first self-custodial BTC staking solution to the institutional market."

Copper, a leading player in **digital asset custody and prime services**, has played a pivotal role in this integration, ensuring clients can utilize Core’s staking mechanisms while maintaining safety and operational efficiency. 

Core blockchain stands out as the **#1 Bitcoin scaling chain** with **21 million unique addresses**, **279,000 daily transactions**, and holding **55% of Bitcoin hash power**. With **over 4,500 BTC** staked, Core is positioned as the only available Bitcoin staking solution amidst a landscape focused on restaking alternatives.

### **About Core**
Core acts as the Proof of Stake layer for Bitcoin, facilitating the first-ever self-custodial Bitcoin staking, thereby enhancing Bitcoin’s utility and security. 

### **About Copper.co**
Founded in 2018, Copper has established itself as a standard for **institutional digital asset infrastructure**, focusing on custody and collateral management. Their technology, including **ClearLoop**, allows clients to manage collateral effectively and trade across multiple exchanges, enhancing capital efficiency while mitigating risks.

The integration of Core’s Dual Staking enables institutional investors to stake BTC and CORE safely within Copper custody accounts...

Revolutionizing Bitcoin Staking: Copper and Core's Groundbreaking Integration

### U.S. Government Takes Action Against Cryptocurrency Networks

A network of individuals and virtual currency exchanges allegedly involved in **harboring Russian cybercrime** has been targeted by U.S. sanctions. This move comes as part of a broader government crackdown aimed at putting pressure on Russia, particularly in light of President **Joe Biden's** meeting with **Ukrainian President Volodymyr Zelenskyy**.

The **U.S. Treasury** has sanctioned **Sergey Ivanov**, a purported Russian hacker, along with **Cryptex**, a virtual currency exchange based in **St. Vincent and Grenadines** but operating within Russia. These exchanges facilitate trading cryptocurrencies for traditional assets like dollars.

#### Allegations Against Sergey Ivanov

According to the Treasury, Ivanov has been involved in **laundering hundreds of millions of dollars** worth of virtual currency for cybercriminals and darknet marketplace vendors over the past two decades. Notably, he allegedly laundered proceeds from **Joker’s Stash**, an online marketplace for stolen credit card data.

The **State Department** is offering a **$10 million reward** for information leading to the arrest and conviction of Ivanov and his associate. An indictment against them has been unsealed by the U.S. Attorney’s Office in Virginia.

In a statement regarding the sanctions, President Biden emphasized that the U.S. will persist in raising the costs on Russia for its actions in Ukraine, aiming to deprive the Russian defense sector of essential resources.

#### Continued Pressure on Russian Cyber Criminals

During his meeting with Zelenskyy, Biden is expected to announce increased security assistance for Ukraine, amidst ongoing Russian aggression. **Matthew Miller**, a spokesperson for the State Department, reiterated the commitment to using all available tools to dismantle money laundering networks and impose penalties on cybercriminals operating under Russian jurisdiction.

Since the onset of the invasion in February 2022, U.S. officials have taken various actions against Russian cybercriminals, including sanctions on **13 firms** linked to blockchain services that potentially enable sanctions evasion within the Russian financial sector.

A network of people and virtual currency exchanges associated with harboring Russian cybercrime were hit with sanctions on Thursday, in a government-wide crackdown on cybercrime that could assist Russia ahead of President Joe Biden's meeting with Ukrainian President Volodymyr Zelenskyy.  U.S. Treasury sanctioned alleged Russian hacker Sergey Ivanov and Cryptex — a St. Vincent and Grenadines registered virtual currency exchange operating in Russia.  Virtual currency exchanges allow people and businesses to trade cryptocurrencies for other assets, such as conventional dollars or other digital currencies.

U.S. Sanctions Cryptocurrency Exchange Linked to Russian Cybercrime Amid Ongoing Conflict

![Billy Markus](https://ambcrypto.com/wp-content/uploads/2024/09/Dogecoin-creator-clarifies-rumors.webp)

**Billy Markus** humorously dismissed speculation linking him to the creation of **Bitcoin** as **DOGE** unexpectedly surged. Recently, rumors have been swirling around **Dogecoin** co-founder Billy Markus and his potential connection to Bitcoin and other major cryptocurrencies. Much of this speculation stems from his username on **X**, "Shibetoshi Nakamoto," which humorously nods to Bitcoin’s mysterious creator, **Satoshi Nakamoto**.  

Despite this playful nickname, Markus has consistently distanced himself from any involvement with Bitcoin, emphasizing his focus on **DOGE** and dismissing the claims as mere internet chatter.

### Dogecoin Co-Founder Clears the Air

In response to the growing speculation, Markus addressed the rumors directly on X, stating:
> "Just going to reiterate that I have not created any cryptocurrency except Dogecoin in 2013 (and bells before that), have not worked on any cryptocurrency since 2014, and will never create or work on any cryptocurrency since those two."

He added:
> "Anything claiming I am affiliated is lying."

The exchange took a comedic twist when X influencer **Ian Miles Cheong** jokingly remarked:
> "But you invented Bitcoin."

Markus replied with his characteristic humor:
> "Yes, and I also invented the internet and oxygen."

This witty comment highlights the absurd nature of such claims, underscoring the many speculations that swirl around prominent figures in the crypto community.

### Markus is Not Satoshi

The speculation around the identity of Bitcoin’s elusive creator, Satoshi Nakamoto, has led to various theories linking prominent figures in the crypto space. However, Markus took a light-hearted yet clear stance against these rumors, dismissing them with humor. 

**DOGE**, launched in 2013 as a fun alternative to more serious digital currencies like Bitcoin, came four years after BTC’s debut in 2009. With Satoshi vanishing from the public eye in 2011, it seems highly unlikely that the creator of Dogecoin is behind Bitcoin.  

Meanwhile, **DOGE** was trading at **$0.1149**, experiencing a **5.19% surge** in the last 24 hours and over **10%** in weekly gains. **BTC**, on the other hand, stood at **$64,307.87**, with a **1.21% rise** in the past day. **AMBCrypto’s** analysis of **Santiment** data on the **RSI** for both coins further confirmed that bullish momentum is here to stay.

![Santiment](https://ambcrypto.com/wp-content/uploads/2024/09/Santiment-scaled.webp)  
*Source: Santiment*

Dogecoin’s Billy Markus humorously denies wild rumors linking him to Bitcoin’s creation as DOGE surges unexpectedly.

Billy Markus Sets the Record Straight: I Only Created Dogecoin, Not Bitcoin!

As investors look for ways to harness **Bitcoin's volatility**, BlackRock argues that Bitcoin's prices may be **uncorrelated** to stocks and other traditional assets in a new [report](https://www.blackrock.com/us/financial-professionals/literature/whitepaper/bitcoin-a-unique-diversifier.pdf). The authors label Bitcoin as a **"unique diversifier"**, highlighting its unpredictable behavior that defies traditional economic frameworks.

While there may be short-term correlations with established markers like the **S&P 500**, the report suggests that Bitcoin often **outperforms** these assets over time. According to BlackRock, this pattern showcases how **fundamentals** can eventually outweigh short-term trading reactions.

**Iván Rodríguez**, a finance professor at Eastern Michigan University, echoes these sentiments, noting that correlations between Bitcoin and traditional assets can fluctuate significantly over time. He explains that during periods of volatility, investors might switch between the S&P 500 and Bitcoin, leading to temporary correlations.

As a decentralized, open-source asset, Bitcoin is increasingly viewed as a **"flight to safety"** amidst political and economic instability, similar to gold. Robert Mitchnick, BlackRock's head of digital assets, emphasizes Bitcoin as an emerging global monetary alternative, particularly as concerns regarding the **U.S. national debt** rise.

However, Rodríguez warns against overestimating Bitcoin's diversification capabilities, suggesting that its correlation to traditional assets may limit its effectiveness as a diversifier.

Currently, cryptocurrencies exhibit a high correlation with traditional assets, with a recent Bloomberg study indicating that the largest digital assets and the S&P 500 are fluctuating together at unprecedented levels. This correlation may shift with global developments.

**BlackRock’s Bitcoin Exchange-Traded Funds**

At this pivotal moment, BlackRock has entered the digital asset space, launching Bitcoin exchange-traded funds (ETFs) like the **iShares Bitcoin Trust (IBIT)**. With **$22 billion** in assets under management, IBIT represents a significant move for both BlackRock and the stock market, making cryptocurrencies more accessible to a broader audience.

BlackRock CEO **Larry Fink** has described Bitcoin as **"digitizing gold,"** underscoring its growing importance in the company's business strategy. Understanding the complex cycles of Bitcoin will be crucial for investors in the coming years.

The giant asset manager says it is less tethered to the stock market than it appears

Is Bitcoin the Ultimate Diversifier? BlackRock's Bold Claims Explained

## Protect Yourself from Cryptocurrency Scams

Cryptocurrency has revolutionized finance, but it has also opened the door to **scams** and **frauds**. Understanding how to identify these threats is crucial for anyone involved in the crypto space.

### Common Types of Scams
- **Phishing Scams**: Fraudsters create fake websites that resemble legitimate exchanges to steal your credentials.
- **Investment Scams**: Promises of guaranteed returns can lure unsuspecting investors into putting money into non-existent projects.
- **Pump and Dump Schemes**: Scammers inflate the price of a coin to sell at a profit, leaving others with worthless assets.

### Warning Signs to Look Out For
- **Unrealistic Promises**: If it sounds too good to be true, it probably is.
- **Pressure Tactics**: Scammers often rush you into making decisions.
- **Lack of Transparency**: Always research the team behind a project and its legitimacy.

### How to Protect Yourself
- **Do Your Own Research (DYOR)**: Verify the legitimacy of any project before investing.
- **Use Trusted Exchanges**: Stick to well-known platforms for buying and selling cryptocurrency.
- **Enable Security Features**: Use two-factor authentication and strong passwords to protect your accounts.

Stay informed and vigilant to safeguard your investments in this rapidly evolving space.

Massive Surge: 84% of Bitcoin Holders Now in Profit as Prices Surge Past $63K!

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Other Latest News

Bitcoin Breaks $65,000: What’s Fueling This Bullish Surge?

Arthur Hayes Admits to Low Prediction Accuracy but Remains Bullish on Bitcoin's Future

Revolutionizing Bitcoin Staking: Copper and Core's Groundbreaking Integration

U.S. Sanctions Cryptocurrency Exchange Linked to Russian Cybercrime Amid Ongoing Conflict

Billy Markus Sets the Record Straight: I Only Created Dogecoin, Not Bitcoin!

Is Bitcoin the Ultimate Diversifier? BlackRock's Bold Claims Explained

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Other Latest News

Bitcoin Breaks $65,000: What’s Fueling This Bullish Surge?

Arthur Hayes Admits to Low Prediction Accuracy but Remains Bullish on Bitcoin's Future

Revolutionizing Bitcoin Staking: Copper and Core's Groundbreaking Integration

U.S. Sanctions Cryptocurrency Exchange Linked to Russian Cybercrime Amid Ongoing Conflict

Billy Markus Sets the Record Straight: I Only Created Dogecoin, Not Bitcoin!

Is Bitcoin the Ultimate Diversifier? BlackRock's Bold Claims Explained

Stay Alert: How to Recognize and Avoid Cryptocurrency Scams