Bitcoin Surges Past $66K As Traders Eye GameFi And Memecoin Markets

As Bitcoin began the week with a strong rally, briefly surpassing $66,000, traders are increasingly shifting their focus toward GameFi and memecoins.

Interest in these altcoin sectors continues to rise, as discussion rates reflect growing attention from the market.

Historically, when these speculative assets gain traction, it signals a shift in sentiment. The crowd is gradually becoming more bullish, especially after a five-week market rally. This trend suggests that Fear of Missing Out (FOMO) could intensify, driving further interest in high-risk assets until a market correction reintroduces caution.

Short-term Bitcoin holders are currently experiencing a dominance of profits, with the Profit/Loss Ratio standing at 1.2. This key metric has surged above its 90-day average by over one standard deviation, indicating a possible shift toward a more optimistic investor outlook.

Bitcoin demand is also on the rise, growing at its fastest monthly pace since April 2024. With Bitcoin at $66,000, 91% of holders are now in profit. This has led many to speculate when Bitcoin might hit a new all-time high.

Institutional Investor’s Confidence For Bitcoin Grows With Bigger Accumulation

Institutional players are also making moves. #ceffu, for instance, accumulated 1,988 BTC worth $120.88 million at an average price of $60,815 on October 10 and 11. Just three hours ago, #ceffu deposited 1,133 BTC worth $72.57 million to Binance at $64,047, realizing a profit of around $3.66 million.

Meanwhile, Bitcoin spot ETFs saw a net inflow of $308.76 million from October 7 to 11. While Grayscale’s $GBTC experienced a $50.02 million outflow, BlackRock’s $IBIT ETF surged with a $140 million inflow, closely followed by Fidelity’s $FBTC ETF, which attracted $138 million.

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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Source: https://nulltx.com/bitcoin-surges-past-66k-as-traders-eye-gamefi-and-memecoin-markets/