The post Bitcoin’s Price Analysis: Whale Activity and Metaplanet Drive Demand appeared first on Coinpedia Fintech News
Bitcoin (BTC) price closed September in a bullish Doji candlestick, despite initial fears of a potential selloff below $50k. The flagship coin is, however, now yet out of the woods after closing Monday below the 200-day Moving Average (MA). Additionally, Bitcoin price in the weekly time frame has been trapped in a falling trend since March, characterized by lower lows and lower highs.
As a result, unless Bitcoin price closes above the peak of July, around $69.9k, the chances of another retrace below $60k cannot be ruled out.
October Narrative on Bitcoin Price Action
In the past years, Bitcoin price has registered higher gains in October after closing September in a bullish outlook. With the four-year established cycle, Bitcoin price is on the path to a new all-time high by the end of this year.
However, market intelligence firm Santiment has cautioned traders against high expectations as the crypto prices tend to move in the opposite direction of the crowd’s appetite.
Whales Unwavered
Spot ETF: $61.3M to $BTC and $0.8M to $ETH Sep 30, 2024 The BTC ETFs saw a total net inflow of $1.26B in September as the $BTC price rose by over 7%. #BlackRock (IBIT) continued its 6-day inflow streak, adding a total of 8,877 $BTC ($571M) over the past 6 days.… pic.twitter.com/40TQc4oUG7
— Spot On Chain (@spotonchain) October 1, 2024
The demand for Bitcoin from whale investors, led by the U.S. spot BTC ETFs, has gradually increased in the past few weeks. More investors have gained confidence in the crypto market following the rate cuts in the United States, China, the European Union, and Canada.
In the past four weeks, the US spot BTC ETFs, led by BlackRock’s IBIT and Fidelity’s FBTC, have reported around $2 billion in net cash inflows.
Meanwhile, individual companies led by MicroStrategy have increased their appetite for Bitcoin in the recent past.
In the latest report, Japanese Metaplanet announced earlier today that it has acquired an additional 107.913 Bitcoins, worth about $6.9 million, thus currently holding about 506.74 BTCs.
.@Metaplanet_JP has purchased an additional 107.913 #bitcoin for ¥1 billion at an average price of ¥9,266,724 per $BTC. As of October 1, Metaplanet holds ~506.745 bitcoin acquired for ¥4.75 billion at an average price of ¥9,373,557 per $BTC. #メタプラネット pic.twitter.com/GLmsmlbc2D
— Simon Gerovich (@gerovich) October 1, 2024
Worth noting that Bitcoin supply on centralized exchanges dropped by 10.3k coins in the last seven days. A potential whale investor, Dell CEO Michael Dell, filed with the US SEC to sell shares worth about $1.2 billion, with speculation of him purchasing Bitcoins soon.
