Bitcoin

Ethereum

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As October draws to a close, there is a noticeable revival in buying interest within the market, signaling a significant rebound and fully unlocking the potential of the ‘Uptober’ movement. The week began on a high note, with Monday seeing <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin’s value</a> soar to $35K, spurred by anticipations of upcoming ETFs. However, with rising prices in crypto assets, whales are also accumulating increasingly as revealed by on-chain data. This poses a significant selloff risk near a top in the upcoming days.<h2 id="header-0">Whales Begin To Dominate Altcoins And Bitcoin, Ethereum</h2>The crypto world is abuzz with talk that feels like a shot of adrenaline straight to the market’s heart – the bullish news of potential ETFs (Exchange-Traded Funds). ETFs are a big deal because they can make cryptocurrency more accessible to everyday investors, creating massive surges in the price and whale interest.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1267a47b341546f88553d54ec015f556.png" />Amid this rising sentiment, whales are seizing the opportunity to bag more coins, as <a href="https://x.com/santimentfeed/status/1717102329546297774?s&#61;20" rel="noopener noreferrer nofollow">revealed by Santiment</a>. On-chain data reveals that whale transactions have recently touched a three-month high for Bitcoin, <a href="https://blockchainreporter.net/ethereum-price/" rel="noopener noreferrer nofollow">Ethereum</a>, Cardano and Dai. These assets witnessed their biggest day since June or July in whale accumulation, with BTC recording 14,833 transactions which were above $100K in a single day. Bitcoin, Ethereum and Cardano recorded a surge in whale transactions by 20%, 14% and 16%, respectively.Fascinatingly, October has infused a fresh life into the 2023 crypto sentiment, as the total market value soared to a yearly peak, floating near $1.28 trillion. Nevertheless, investors are speculating if these crypto whales might cash out soon, potentially triggering a substantial wave of sales that could wipe out the market’s recent advancements.<h2 id="header-1">Robust Fundamental Support Behind The Surge</h2>Over the last 24 hours, the market witnessed a massive sell-off, hitting around $195 million, with a notable $111 million coming from long positions, according to Coinglass. This intense activity is riding the wave of fundamental dynamics linked to ETFs. The recent period has been marked by a growing optimism regarding the launch of Bitcoin ETFs in the U.S., a feeling fueled by a positive court ruling in favor of Grayscale.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ada65dc587bb448d9c50ddc603be4442.png" />This ruling raises expectations for its leading GBTC product to morph into a full-blown ETF. In a related development, BlackRock’s ETF took a step forward when its product (IBTC) appeared on a Depository Trust &amp; Clearing Corp. website, distinguished by a unique identifier.While these advancements don’t equate to an outright approval of an ETF, the crypto community is holding onto a bullish stance, foreseeing an impending green light. Due to the surge of institutional money flowing into the market, the ongoing bull market exhibits signs of lasting longer.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/984b4d36ca8146f3909248e54cfb34cd.png" />Information from IntoTheBlock shows that around 80% of Bitcoin addresses are presently experiencing profits, reflecting a robust market mood with a smaller number of investors willing to sell right now. However, the recent uptick in Bitcoin’s price has prompted short-term bulls to jump on the chance, closing out positions in millions of dollars. This minor bout of cashing in profits is a standard response and isn’t anticipated to exert any significant downward pressure on the existing market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c42384b22a75475aa001f80dcf5a057e.png" />As Bitcoin and Ethereum notch up more than a 10% gain in the past 48 hours, coupled with soaring values in altcoins, investors’ appetite for amassing more coins is shooting up. The current market climate is fueling an exponential increase in the desire to hoard, evidenced by the Fear and Greed Index’s sharp climb to 72.This suggests that Bitcoin’s ascent to $35K has functioned like a magnet for investors, bringing an increased gathering of coins. Nonetheless, if the index maintains its upward course, it could develop a period of ‘extreme greed’ that might set off a market correction.

Whale Transactions for Bitcoin, Ethereum and Cardano Hit 3-Month High Amid Bullish ETF News

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