The appetite for Bitcoin among institutional investors is growing rapidly, with U.S. spot ETFs now holding an impressive $58 billion worth of the cryptocurrency.
This amount represents approximately 4.6% of Bitcoin’s total circulating supply.
Investment giants such as BlackRock, Fidelity, and Grayscale are actively buying Bitcoin, focusing their purchases within the $54,900 to $59,100 price range. This aggressive acquisition signals a strong sense of confidence in the market from major institutional players.
Institutional hunger for Bitcoin is on the rise, as U.S. spot ETFs manage a whopping $58 billion, seizing about 4.6% of Bitcoin’s circulating supply.
Powerhouses like BlackRock, Fidelity, and Grayscale are leading the charge, scooping up Bitcoin in the $54,900 to $59,100 range.… pic.twitter.com/S8rWqUTvqw
— Kyledoops (@kyledoops) October 10, 2024
Currently, open interest in Bitcoin has surpassed the $18 billion mark, a level historically associated with market corrections. As a result, analysts are divided on the future direction of the market. Some believe a breakout to new highs is imminent, while others warn of a potential slide.
#Bitcoin‘s open interest has soared past $18 billion, a threshold that once sparked market corrections.
The market is divided: are we on the brink of a breakout or a slide further down?
Some predict a final shakeout paving the way to new all-time highs, with potential long… pic.twitter.com/vqfojVQQhe
— Kyledoops (@kyledoops) October 10, 2024
A segment of the market anticipates a final shakeout that could lead to a new all-time high, as liquidations trim open interest, setting the stage for the next major price surge.
New Whale Buys 8,510 BTC From Bitfinex
Meanwhile, four new whale entities that accumulated 8,510 BTC from Bitfinex during June and August have recently moved 1,500 BTC (valued at $92.95 million) back to the exchange over the past 30 hours. Their average purchase price was $64,434, while their current selling price is $61,965, resulting in an estimated loss of $30.54 million (5.57%), with 7,010 BTC ($424.6 million) still in their wallets.
The entity of 4 fresh whales that withdrew 8,510 $BTC from Bitfinex in June and August has deposited 1,500 $BTC ($92.95M) back to the CEX in the last 30 hours!
Their average accumulating price was $64,434, but their unloading price is only $61,965. At current prices, the whales… https://t.co/oUBqVuIAs6 pic.twitter.com/znpKQrKwri
— Spot On Chain (@spotonchain) October 10, 2024
In another notable move, a whale sold off 800 BTC ($48.5 million) following a drop in Bitcoin’s price. Since mid-June, this whale has accumulated 11,659 BTC ($727 million) at an average price of $62,362 and sold 10,345 BTC ($619 million) at $59,847, incurring a $26 million loss while still holding 8,936 BTC ($540 million).
This whale panic-sold 800 $BTC($48.5M) again after the $BTC price dropped!
Since June 19, this whale has accumulated 11,659 $BTC($727M) at $62,362, and sold 10,345 $BTC($619M) at $59,847, losing ~$26M, and still holds 8,936 $BTC($540M).
Address:… pic.twitter.com/5pUzgvSGCr
— Lookonchain (@lookonchain) October 10, 2024
In the last 72 hours, Bitcoin whales have offloaded or redistributed around 30,000 BTC, valued at $1.83 billion, fueling further market volatility.
On October 9, the total net outflow of the US Bitcoin spot ETF was 40.5619 million US dollars. The total net inflow of the Ethereum spot ETF was zero, which was the third zero trading day after the launch. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) October 10, 2024
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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