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BlackRock has led in Bitcoin purchases in the recent past, thus re-igniting the overall crypto bullish sentiment, which was anticipated in the fourth quarter.
Key Notes
Bitcoin price could further cool off in the coming days before continuing with bullish momentum soon.Whale investors have been relentlessly accumulating more Bitcoins in anticipation of a parabolic rally soon.After recently revisiting the 2021 all-time high (ATH) of around $69K, Bitcoin BTC $66 893 24h volatility: 2.3% Market cap: $1.32 T Vol. 24h: $41.45 B price has since retracted and has been retesting the 2024 July high of around $68K in the past two days. However, the flagship coin rebounded above $67K on Tuesday, October 22, after dropping as low as $66.6k on Monday. The heightened crypto volatility resulted in nearly $200 million being liquidated from the crypto-leveraged market, mostly involving long traders.
Bitcoin price could, however, continue in a midterm bearish outlook before the anticipated parabolic bull kickstart in the coming months. Moreover, Bitcoin price just broke out of a multi-week falling logarithmic trend, which began in early March, thus increasing the chances of a market cool-off.
From a technical analysis point of view, Bitcoin price could fall to as low as the support level around $64.6K, before rebounding beyond $70K. However, if Bitcoin price consistently closes above $69K in the coming days, a rally towards its ATH will be inevitable by the end of the month.
Meanwhile, the October crypto bullish narrative is gradually gaining momentum, with most altcoins led by ApeCoin (APE), and some meme coins leading in bullish breakout.
Bitcoin Whales Continue to Accumulate
Ahead of the United States 2024 election and anticipated more Fed rate cuts, on-chain data shows that Bitcoin whales have been accumulating relentlessly. Moreover, the rising crisis in the Middle East and between Russia and Ukraine has continued to increase global fiat devaluation amid high inflation.
As a result, institutional investors have been adopting the Bitcoin strategy to hedge against market uncertainty ahead.
According to the latest market data analysis, the net supply of Bitcoin on centralized exchanges declined by over 44k in the past seven days to about 2.37 million coins at the time of this writing. The notable decline in Bitcoin supply on centralized exchanges has coincided with a notable spike in demand from the US-based spot BTC ETFs.
On Monday, the US spot Bitcoin ETFs registered a net cash inflow of about $294 million. BlackRock’s IBIT registered the highest cash inflow of about $329 million on Monday, thus currently holding BTC worth about $26.45 billion.
Fidelity’s FBTC registered a net cash inflow of about $5.9 million and currently holds BTC worth around $12.49 billion. The largest losers on Monday included Bitwise BITB, which registered a net cash outflow of about $22 million, followed by VanEck’s HODL, and ARK 21Shares Bitcoin ETF (ARKB) with a net cash outflow of around $7.6 million and $6 million respectively.
Meanwhile, Metaplanet Inc announced earlier today that it had concluded the previously announced 11th Stock Acquisition Rights, and achieved a 72.8 percent exercise rate.
As a result, Metaplanet will soon double its Bitcoin holdings from 861.4 coins.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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