Bitcoin Whale Transactions Surge Amid Growing Market Uncertainty

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.

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?

Bitcoin Reserves On Exchange Hits New Low

Adding to the bullish momentum, Bitcoin reserves on exchanges have hit a five-year low.

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.

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: fellowneko/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/bitcoin-whale-transactions-surge-amid-growing-market-uncertainty/