Key Points
- Bitcoin experiences another correction after exceeding $62,000, with no participation from whales in the selloff.
- Despite the price correction, data indicates an increase in Bitcoin holdings among large holders and a decrease in exchange outflows.
After breaking the $62,000 mark on October 2, Bitcoin is undergoing another correction. Interestingly, the latest selloff did not involve whales, according to data.
During the period of October 1 to 4, Bitcoin (BTC) remained stable around the $60,000 zone. This coincided with the escalating geopolitical tension between Iran and Israel.
Bitcoin’s Performance and Market Trends
Following the U.S. jobs report, Bitcoin reached a local high of $62,370 on October 5. This comes as the broader crypto market exhibited bullish momentum.
At present, Bitcoin has seen a 0.2% decline in the past 24 hours and is trading at $61,950. Its daily trading volume has also reduced significantly, dropping by 53% to $12.2 billion.
Data from IntoTheBlock reveals that on October 5, large Bitcoin holders noted a net inflow of 205 BTC, with outflows remaining neutral. This suggests that whales did not sell Bitcoin even as its price exceeded the $62,000 mark.
Whale Transactions and Market Outlook
On the other hand, the volume of Bitcoin’s whale transactions decreased by 48% on October 5, falling from $48 billion to $25 billion worth of BTC. This reduction in trading and transaction volumes typically indicates price consolidations and lower volatility.
Furthermore, data from ITB indicates that over the past week, Bitcoin saw a net outflow of $153 million from centralized exchanges. An increase in exchange outflows often implies accumulation, reflecting bullish expectations for October.
However, it’s crucial to remember that macroeconomic events and geopolitical tensions can abruptly alter the course of financial markets, including cryptocurrencies.
