Analyst: Markets may be at a temporary top ahead of the US election

An analysis of data on the Bitcoin chain in this week's Copper Opening Bell report shows that 98% of short-term holders' wallet addresses are now in profit. Historically, when this percentage rises significantly, investors look to lock in their profits and therefore tend to see selling pressure. According to Copper analysts, this could indicate that the market is experiencing a temporary top ahead of the US elections. The analysts also noted that overall enthusiasm remains subdued despite the large inflows into the spot bitcoin ETF. Cumulative net inflows into spot bitcoin ETFs have exceeded $21 billion as of mid-October. However, after seven consecutive days of positive net inflows, ETF activity reversed on Tuesday, with inflows once again negative.