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The latter half of October has unquestionably brought more shocks than most could have predicted. Just yesterday, the market experienced a sudden surge following a Cointelegraph tweet <a href="https://blockchainreporter.net/blackrocks-ishares-bitcoin-etf-approval-rumors-debunked/" rel="noopener noreferrer nofollow">alleging the SEC’s approval of the proposed iShares ETF</a>. Following coverage by other media outlets on the fake news, it triggered massive short liquidations exceeding a staggering $100 million. On-chain data reveals a significant spike over the last 24 hours, making high profits for <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://blockchainreporter.net/ethereum-price/" rel="noopener noreferrer nofollow">Ethereum</a>. However, <a href="https://blockchainreporter.net/ripple-price/" rel="noopener noreferrer nofollow">XRP</a>, LTC, and ADA prices are now stable following selling at a loss.<h2 id="header-0">A Look Into Bitcoin Market Sentiment</h2>Cointelegraph’s statement sparked a surge in social media interactions, with terms such as ‘ETF,’ ‘iShares,’ and ‘$30K’ dominating discussions as a fleeting euphoria gripped the markets. Participants were surprised by the long-awaited breakthrough that had been anticipated since mid-summer.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f288b8a3958b4cb5b001c8d21817ace4.png" /><a href="https://x.com/santimentfeed/status/1714154692064989398?s&#61;20" rel="noopener noreferrer nofollow">Santiment reveals that</a> Bitcoin briefly surged above $30K for the first time in over two months, only to fall back to $28K within an hour. Amidst the general fallback in the <a href="https://blockchainreporter.net/market/" rel="noopener noreferrer nofollow">crypto market</a>, certain assets like <a href="https://blockchainreporter.net/solana-price/" rel="noopener noreferrer nofollow">Solana</a>, Render, and UnlimitedIP notably defied the trend, with some values more than doubling, marking them as the standout victors of the episode.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a83522d47a6d4b6c8c7363022b865539.png" />Amidst the turmoil from the false ETF approval report, it’s noteworthy that crypto markets were already gaining momentum, with a rally pushing values near $28K. Recent data showed a record number of wallets holding at least 10 BTC, suggesting ‘smart money’ confidence. However, the supply controlled by these mid-tier holders has stabilized since an early October spike.Additionally, a decline in holdings among major Tether stakeholders indicates a slight purchasing power dip this month. Despite mixed signals from larger market players, overall trader sentiment leans bullish, a trend preceding the ETF confusion. This optimism, coupled with a lack of short positions, calls for caution, reflecting a setup similar to before the mid-August market drop.During Bitcoin’s recent rise, negative sentiment spiked on social platforms, potentially stalling an immediate correction. As social volume hits recent highs due to ETF buzz, observers are watchful for genuine approval news, which could significantly move market directions.<h2 id="header-1">Bitcoin’s On-Chain Metrics Had Its Biggest Day</h2>In the wake of the recent fake news chaos, <a href="https://blockchainreporter.net/glossary/on-chain/" rel="noopener noreferrer nofollow">on-chain</a> trading volume has seen its most significant surge since late August, with transaction volume (in USD) also climbing, marking positive indicators despite the confusion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/41af881aaf69426d862ce144d8808a10.png" />However, the daily movement of unique BTC tokens remains below the desired levels to support the current market cap. Token circulation, a key metric, has been in a ‘Bearish’ zone since August 2022, hindering a substantial breakout. Optimally, an uptick in this circulation, with signs of whale accumulation, would accelerate market health.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fbfe80fd843644c2814a4632453de6c6.png" />Encouragingly, Bitcoin’s exchange supply is nearing its 6-year low again, indicating a reduced risk of major selloffs and a favorable trend for bullish investors. Additionally, metrics like Mean Dollar Invested Age are showing promising signs, subtly flattening recently—a precursor in past bull runs. A recent spike in Age Consumed also hints at a potential price reversal, a development worth monitoring.While BTC and ETH witness a spike in profit-taking transactions, XRP, LTC, and ADA remain relatively stable. Generally, the strategy leans toward assets with higher sell-offs at a loss, avoiding those with heavy profit movement.Tether had a high level of whale transactions, and dormant coins moved yesterday. Wrapped Bitcoin is also seeing tons of activity after yesterday’s fake ETF approval.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/85ac661f5e6d4dfe98e5d845e4e5ec78.png" />In the past 24 hours, the market witnessed a total liquidation of $158 million, with Bitcoin leading the heat with $95 in liquidation. On the other hand, Ethereum recorded a liquidation of $23 million.

How the Fake News On ‘Spot Bitcoin ETF’ Shook On-Chain Metrics: BTC & ETH Profits Soar, While XRP, LTC, & ADA Remain Stable

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