Bitcoin (BTC) surged to $68,400 on Wednesday, driven by heavy whale activity and renewed market interest.
The price jump marks its highest level since July, gaining over 11% in the past week. This upward momentum also influenced the broader crypto market, with Solana rising by 10% and Dogecoin up 15%. Meanwhile, crypto stocks like Coinbase saw a 19% three-day rally, hitting their best levels since August.
Bitcoin whales make significant moves
Data from Santiment revealed a spike in whale transactions over the past two days, with more than 11,600 transfers worth at least $100,000. These large-scale moves signal that whales are playing a significant role in driving the price up. As Bitcoin gained traction on social media, it accounted for over 25% of all crypto-related discussions, underscoring the market’s growing interest in BTC’s price movement.
However, the current whale activity may indicate that a temporary slowdown could occur due to significant stakeholders’ profit-taking. Despite this, long-term indicators remain positive, suggesting that price corrections are likely brief.
Bitcoin Open interest hits record high
Bitcoin’s open interest (OI) reached an all-time high of $20 billion, as noted by Cryptoquant’s founder, Ki Young Ju. Open interest measures the total number of outstanding derivative contracts, and its rise suggests heightened speculative activity in the market. BTC is now just 8% below its all-time high, showing strong upward momentum.
Additionally, new whales have been accumulating more Bitcoin this year, with wallets holding over 1,000 BTC now containing a combined total of 1.97 million coins. These holdings, which have grown by 813% year-to-date, now account for 9.3% of Bitcoin’s total supply, valued at around $132 billion. The average coin age in these whale wallets is under 155 days, indicating fresh accumulation.
#Bitcoin open interest hit an all-time high of $20 billion, and the price is 8% away from its ATH. pic.twitter.com/wDpA29o4K4
— Ki Young Ju (@ki_young_ju) October 17, 2024
Spot Bitcoin ETFs fuel market surge
One key factor behind Bitcoin’s impressive 53% rise this year has been the increasing popularity of spot Bitcoin ETFs. In the past three days alone, investors have poured $1.2 billion into these funds, pushing total holdings to $63 billion. BlackRock’s iShares Bitcoin Trust accounts for 30% of these ETF purchases, highlighting the growing institutional interest in Bitcoin.
Despite the recent price surge, Bitcoin’s 24-hour trading volume fell by 26% to $36.54 billion. As of the latest trading session, Bitcoin was priced at an average of $67,249, maintaining its bullish trajectory over the past month, when it gained more than 14%.
This latest rally suggests strong confidence in Bitcoin, even as the market watches for potential corrections and further whale activity. The broader market outlook remains bullish, with long-term indicators pointing to continued growth in the coming months.
The post Bitcoin Whales Spark Frenzy as Price Hits $68K Mark first appeared on Coinfea.
