Bitcoin Experiences October Surge Amidst Market Volatility

October closed on a high note for Bitcoin, marking a notable +10% increase with a bullish engulfing candlestick.

Despite this gain, Bitcoin’s price fell short of surpassing the highest monthly close seen in March and April. The current pullback in Bitcoin’s value could be attributed to the market entering an Extreme Greed Zone, a sentiment that previously led to a correction of over 25%.

$BTC’s pullback might be because we are hitting Extreme Greed Zones – Last time we hit this sentiment level, price corrected over 25%.#Bitcoin #BTC #crypto #cryptocurrency pic.twitter.com/r9otc4thMb

— Bitcoinsensus (@Bitcoinsensus) November 1, 2024

Amidst this price dip, significant whale activity was observed. Just three hours ago, one whale purchased 550 BTC, valued at approximately $38.68 million, while another whale acquired 500 BTC for around $34.9 million when prices were at $69,799.

Notably, this latter whale had previously invested in 501 BTC at a price of $30,233 on June 22, 2023, currently sitting on unrealized profits of about $19.8 million.

Another whale bought 500 $BTC($34.9M) at $69,799 after the $BTC price dropped today.

This whale previously bought 501 $BTC($15.15M) at $30,233 on June 22, 2023, with an unrealized profit of $19.8M.

Address:
1DL34fcHHye4BbPq7aixdc58aGo6ejsUkAhttps://t.co/jfjiRVmdMm pic.twitter.com/BMWfiK0Qdx

— Lookonchain (@lookonchain) November 1, 2024

Additionally, the number of addresses holding more than 1 BTC has seen a slight decline this year, dropping from 1,024,437 to 1,013,120. This trend may indicate changing investor sentiment as the year progresses.

1,013,120 addresses hold more than 1 $BTC. Interestingly, this number has decreased from 1,024,437 since the start of the year. What do you think the reason is? pic.twitter.com/OYNi9XCo4P

— IntoTheBlock (@intotheblock) November 1, 2024

On October 31, the Bitcoin spot ETF recorded a net inflow of $32.14 million, marking the lowest inflow in the past week. This decrease in inflow suggests that investor interest may be waning slightly as the market grapples with volatility.

On October 31, the Bitcoin spot ETF had a total net inflow of $32.1408 million, the lowest net inflow in the past seven days. The Ethereum spot ETF had a total net inflow of $13.0552 million. https://t.co/YcNXWVZGwE pic.twitter.com/PyYFkQaySj

— Wu Blockchain (@WuBlockchain) November 1, 2024

As Bitcoin navigates these fluctuating conditions, traders and investors remain cautious yet attentive, watching for signs of recovery and potential shifts in market sentiment. With whales actively engaging and sentiment fluctuating, the coming weeks will be crucial for Bitcoin’s trajectory.

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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