Friends, the Bitcoin market has been very active recently! Institutional demand is booming, driving the Bitcoin price surge!
Did you know that institutions are now the "big money" in the Bitcoin market! Institutional investors have recently stepped up their acquisition efforts and bought Bitcoin through spot exchange-traded funds (ETFs), buying nearly 8,000 BTC in one day, which is the highest daily consumption record since July 21! It seems that institutions really love Bitcoin, and their participation has directly driven the surge in Bitcoin prices.
On the other hand, large investors known as “whales” are not far behind, and their Bitcoin holdings have soared to 670,000 BTC (not including those held by exchanges and mining pools). The whales are so active in hoarding coins, which shows that they are confident in the future of Bitcoin! Moreover, the activity level of whales is above the 365-day moving average, which historical trends tell us is usually a precursor to a sharp rise in prices. It seems that whales have foreseen a bright future for Bitcoin.
Coupled with the blessing of seasonal patterns, Bitcoin's performance is even more powerful. Historically, the fourth quarter, especially after the halving event, has seen a sharp rise in Bitcoin prices! In the first few halvings in 2012, 2016, and 2020, Bitcoin's quarterly gains reached 9%, 59%, and 171%, respectively. Now it seems that the prospects for the fourth quarter of 2024 are also very good. The previous cycle is exactly the same, and investors' optimism is about to overflow.
Bitcoin is still the leading cryptocurrency with a market cap of $1.34 trillion. The latest price has exceeded $68,424, up 1.67% in the past 24 hours! The trading volume is also very strong, reaching $43.92 billion. Market sentiment remains bullish, and everyone is driven by these supportive data and positive investment atmosphere.
Bitcoin is currently gaining momentum, supported by increased institutional interest, accumulation of whale investments, and favorable seasonal patterns. However, despite the general optimism in the market, regulatory factors may still bring some uncertainty. Therefore, while investors are enjoying the upward trend of the cryptocurrency market, they must also keep an eye on these developments!
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