On Wednesday (October 2), Bitcoin remained weak around $61,300, falling nearly $4,000 overnight. The first whale wallet to receive Bitcoin, the late early developer Hal Finney, transferred 10 Bitcoins at the beginning of the week. The whale who participated in the Ethereum IC0 transferred 6,000 Ether to Kraken, worth about $14.71 million.
Bitcoin suffered its biggest drop in nearly a month on Tuesday after Iran fired about 200 ballistic missiles at Israel in a sharp but brief escalation of hostilities between the two countries. Cryptocurrency markets overall had mixed performance during Asian trading hours on Wednesday.
Bitcoin fell about 4% in the first two days of October, compared with an average gain of 20% for the entire month over the past decade, according to data compiled by Bloomberg. The seasonal signal led some traders to expect Bitcoin to break through its all-time high of $73,798 set in March, until global markets poured cold water on Bitcoin optimists.
According to Glassnode data, the total amount of liquidated contracts on the entire network in the past 24 hours exceeded US$320 million, of which more than US$270 million were liquidated for long positions. The current market is volatile, and investors are urged to pay attention to risks.
Sean McNulty, director of trading at liquidity provider Arbelos Markets, believes the sell-off is just a "temporary setback" now that the Federal Reserve has begun cutting interest rates. He said the government that emerges after the U.S. presidential election in November is also likely to be more friendly to cryptocurrencies.
McNulty added: “October was Bitcoin’s best month and this seasonal trend remains strong.”
For now, markets are wary of an escalation in conflict as Israeli Prime Minister Benjamin Netanyahu vows to retaliate for Iranian attacks. U.S. stock futures were volatile on Wednesday, while oil prices rose on supply concerns.
The recent movement of digital assets has been more in sync with stocks, suggesting that macroeconomic drivers such as the Federal Reserve’s monetary policy outlook are now critical to Bitcoin. The 50-day correlation coefficient measuring the top 100 digital tokens and the MSCI Inc. global stock index is 0.65, the highest level since 2022, according to data compiled by Bloomberg. A reading of 1 means that assets move in sync, while a reading of -1 indicates an inverse correlation.
According to Bitcoin.com, a total of 4,066.81 bitcoins were transferred from dormant bitcoin addresses created between 2009 and 2017 in September. At current value, these once-dormant bitcoins are worth about $257 million. A total of 70 transactions were made in September, transferring a total of 4,066.81 bitcoins.
The top of the list is a wallet created in 2016, with 12 transactions recorded, transferring a total of 1,883.46 bitcoins. The largest transaction was a large transfer of 1,350.27 bitcoins on September 4. The second largest address was created in 2013, with a total transfer of 722.87 bitcoins.
After Satoshi Nakamoto, the "father of Bitcoin", created Bitcoin in 2009, he made the first Bitcoin transfer, transferring 10 Bitcoins to Finney's whale wallet. But on Monday, the wallet transferred out 10 Bitcoins, and has transferred out 46 Bitcoins since September.
On Wednesday, according to on-chain analyst Ember, the whale who obtained 150,000 ether through Ethereum IC0 transferred 6,000 ether to Kraken, equivalent to $14.71 million. He has sold 30,000 ether in the past week, equivalent to $77.4 million. So far, he has sold 45,000 of the 150,000 ether he obtained through IC0, equivalent to $113.88 million.
Coincidentally, the monitoring data of Twitter opinion leader "Auntie Ai" also showed that the whale who redeemed 24,000 staked ethers from the Lido staking platform on September 27 may intend to sell all the ethers, and has sold 17,480 ethers in the past three days. In the past day, he recharged 6,482 ethers to Coinbase again, worth $16.98 million, and currently has 12,000 ethers left in his wallet, equivalent to about $31.39 million.
On the other hand, according to data from Ultrasound.money as of October 1, Ethereum's net supply increased by 50,789.61 ETH in the past 30 days, of which the new supply was approximately 78,397.07 ETH, and 27,607.45 ETH were destroyed through the destruction mechanism.
The total supply of Ethereum has reached 120,366,949, and the annual supply growth rate has now dropped to 0.514%, making it an inflationary asset due to short-term low usage.
