**Bitcoin Whales Hold Steady Amid Market Uncertainty**

Recent analysis by CryptoQuant founder Ki Young Ju reveals that large Bitcoin holders, or "whales," are not yet ready to sell off their sizable holdings. Ju's Oct. 2 post highlights that newer Bitcoin whales, those holding BTC for less than five months, would only see a 1% profit if they sold now. Older whales, with holdings over five months, have an Unrealized Profit Ratio of 1.27 but haven't seen significant returns this cycle.

**Middle East Tensions Impact Bitcoin**

Tensions between Iran and Israel have led to significant outflows from U.S. Bitcoin exchange-traded funds, totaling $243 million on Oct. 1. This marks the largest drawdown in nearly a month, reversing eight days of inflows. Investors are cautious, predicting a potential price floor of $54,000 due to geopolitical instability.

**Long-Term Outlook for Bitcoin**

Veteran analyst Willy Woo maintains a bullish long-term view on Bitcoin but cautions that it may take time to reach its previous all-time high of $74,000. Woo anticipates a sideways trading pattern through October, with potential upward movement in late 2024.