Since November 1, five major whales have accumulated $192.4 million worth of BTC.

According to Lookonchain data, since November 1, a remarkable development dynamic has emerged in the Bitcoin (BTC) ecosystem, where five significant whale addresses have collectively purchased 2,780 BTC, valued at approximately $192.4 million. Despite Bitcoin's recent price dropping below $70,000, such a considerable accumulation still occurred, indicating a high level of confidence among major investors amid market fluctuations.

BTC Accumulation Overview and Summary
Leading blockchain analytics company Lookonchain reported on the X platform that in recent weeks, five well-known whale addresses have significantly increased their Bitcoin holdings. A total of 2,780 BTC were acquired, highlighting these large investors' strategic investment approach, which usually implies bullish sentiment or strategic positioning in anticipation of market trends.

BitMEX founder Arthur Hayes stated that he prefers Solana over Ethereum, describing Solana as a 'high beta Bitcoin' due to its sensitivity to market changes. With the U.S. elections approaching, Hayes believes Solana may surpass other altcoins, even outperforming Ethereum, which he calls 'old, slow, and boring.' He emphasized that the liquidity of SOL and its sensitivity to market changes may enable it to perform better than Bitcoin in a bullish environment.

In the Unchained podcast, Hayes predicted that Solana might surge significantly during the election period, thanks to its liquidity and close correlation with Bitcoin. He explained that he intends to pivot to Solana for quick trades, believing Solana to be a better short-term investment tool than Ethereum, which he holds long-term. Hayes clarified that he has no plans to sell his Ethereum assets, stating:

Bitcoin (BTC), the world's largest cryptocurrency by market value, has been struggling to break through the $70,000 resistance level despite multiple attempts in the past few days. Currently, the price of BTC is hovering around $67,584.44, up 0.77% in the past 24 hours, and its market value has reached $1.34 trillion.

Bitcoin is down 1.91% over the past week, though it has gained slightly over the past 30 days, up 2.49%. The leading cryptocurrency is trading just 8.36% below its all-time high of $73,750, according to CoinMarketCap. Since October 2023, BTC has surged 98.15%.

1. Dramatic Fluctuations in Trading Volume
In the cryptocurrency space, Dogecoin's recent performance has raised many questions. Its trading volume reached $1.17 billion within 24 hours, a figure significant enough to attract market attention. The price of Dogecoin fluctuates rapidly, a situation that both piques curiosity and raises concerns, presenting a complex and captivating dynamic. However, what exactly has happened to Dogecoin in the world of cryptocurrency behind these numbers?

This is not the first instance of Dogecoin's trading volume experiencing significant fluctuations. On October 21, its large trading volume peaked at $12.87 billion. While this figure is indeed impressive, it cannot conceal the subsequent downward trend. Since October 16, Dogecoin's trading volume has been on a decline, entering a downward phase after reaching a price peak of approximately $0.1499.

Due to the increased supply on exchanges, Ethereum's price may drop by 10%. Analysts point out that the increase in Ethereum balances on trading platforms indicates a potential sell-off, which adds to the bearish pressure on the cryptocurrency.

Ethereum (ETH) is under significant downward pressure due to the continued increase in its supply on exchanges. Recent data shows that the amount of Ethereum held by various exchanges has reached its highest level in four weeks, suggesting that investors may be preparing to sell.

An increase in supply is typically seen as a bearish signal as it indicates that there are more tokens available for trading, which may lead to lower prices.