Bitcoin’s whale activity has reached its highest level in over ten weeks, with a staggering 11,697 transactions exceeding $100K recorded on Tuesday.
Wednesday is on track to see a similar spike, indicating significant movement among large holders.
Bitcoin’s whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well.
Additionally, conversations across social media have veered heavily toward BTC over… pic.twitter.com/Izhq6JeaAd
— Santiment (@santimentfeed) October 16, 2024
At the same time, social media discussions have shifted heavily toward Bitcoin, with the leading cryptocurrency accounting for more than 25% of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68K for the first time since July, drawing traders’ focus.
However, these signals suggest that the recent rally might stall due to profit-taking by major stakeholders and increased FOMO (fear of missing out) among retail investors. Despite this, long-term indicators remain positive, suggesting any potential price correction could be brief.
Currently, 95% of Bitcoin addresses are in profit, a level that historically signifies strong bullish sentiment but could also point to an overheated market. This raises the question: is Bitcoin gearing up for another breakout, or are we nearing a market top?
With 95% of Bitcoin addresses now in profit, market sentiment is booming. Historically, such levels have signaled strong bullish momentum but can also indicate a potential overextension.
Will we see a breakout, or is it a sign that the market is overheating? pic.twitter.com/8q1i9r4tJ8
— IntoTheBlock (@intotheblock) October 17, 2024
Bitcoin Reserves On Exchange Hits New Low
Adding to the bullish momentum, Bitcoin reserves on exchanges have hit a five-year low.
#Bitcoin on exchanges just hit a 5-year low.
We all know what this means… pic.twitter.com/34Q4DXpKBm
— Ali (@ali_charts) October 16, 2024
Meanwhile, BlackRock made headlines by purchasing 5,802 BTC (worth approximately $390.2 million) yesterday, bringing their total to 10,126 BTC ($681 million) acquired in just two days. The asset manager now holds 380,972 BTC, valued at $25.62 billion.
Blackrock bought another 5,802 $BTC($390.2M) yesterday!#Blackrock bought 10,126 $BTC($681M) in just 2 days and currently holds 380,972 $BTC($25.62B).https://t.co/6AIwiu8Ki4 pic.twitter.com/OrGiOSQs3T
— Lookonchain (@lookonchain) October 17, 2024
Furthermore, on October 16, Bitcoin spot ETFs saw a net inflow of $459 million, marking the fourth consecutive day of inflows. BlackRock’s ETF, IBIT, led the way with an inflow of $393 million, underscoring growing institutional interest in Bitcoin.
On October 16, Bitcoin spot ETF had a total net inflow of $459 million yesterday, continuing its net inflow for 4 consecutive days. BlackRock ETF IBIT had an inflow of $393 million. Ethereum spot ETF had a total net inflow of $24.2192 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 17, 2024
The market remains at a pivotal moment, with strong signals on both sides. Will Bitcoin break out, or are we in for a cooling-off period?
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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