WisdomTree offloads $599M in BTC and ETH, spooking crypto investors.
Bitcoin, Ethereum prices dip; market sentiment weakens amid continued volatility.
WisdomTree, a leading provider of exchange-traded funds (ETFs) in the digital assets space, has triggered market anxiety with substantial Bitcoin and Ethereum transfers amid a turbulent period for cryptocurrencies. According to Onchain Lens, using Arkham Intelligence data, WisdomTree deposited 8,258 BTC—equivalent to roughly $598.89 million—into Coinbase on October 31. Alongside this, the firm transferred 48.83 ETH, valued at $125,000, bringing the total to nearly $599 million.
The timing of these large transactions is significant, as both Bitcoin and Ethereum are experiencing considerable price declines. Bitcoin has dropped over 4%, while Ethereum has slipped by 5%, contributing to a 3.9% reduction in the overall crypto market cap within the past 24 hours. Investors are increasingly apprehensive, given WisdomTree’s remaining holdings of 5,611 BTC (valued at $388 million) and 16,767 ETH (worth $41.9 million), fearing that additional selloffs could exacerbate the already fragile market sentiment.
Dwindled Uptober Hopes
October had been a period of strength for Bitcoin, which nearly reclaimed its all-time high of $73,750. This surge had renewed optimism among investors, as the cryptocurrency seemed to continue its historical trend of “Uptober.” On the other hand, Ethereum showed modest gains during the month but did not experience the same robust growth as Bitcoin. However, the recent downturn, combined with WisdomTree’s massive transactions, has dampened investor morale.
Market analysts are now voicing concerns about further declines. Bitcoin could fall to $59,364 if selling pressure continues to mount, while Ethereum might see a drop to $1,550, according to predictions by market expert Peter Prandt. This bleak outlook has raised alarms, especially as crypto markets remain highly volatile.
Nevertheless, some in the community are holding onto hope. With the U.S. Presidential Election approaching, there is speculation that digital assets could benefit from renewed momentum. Optimists believe that a favourable outcome for the crypto space could provide a much-needed boost, stabilising the market and possibly sparking a recovery.
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