Bitcoin’s number of large holders, or “whales,” saw a significant rise as the cryptocurrency’s price bottomed around $59K on October 10th.
Between October 10th and 13th, the network added 268 wallets holding between 100-1,000 BTC. This surge in whale activity likely played a role in the current bull rally.
🐳 Bitcoin's number of whales grew substantially just as its value was bottoming out around $59K on October 10th. Between October 10th and 13th, there was a net rise of +268 more wallets holding between 100-1K BTC, likely playing a part in this bull rally. pic.twitter.com/fPmNpYrjJZ
— Santiment (@santimentfeed) October 18, 2024
Bitcoin’s dominance in the cryptocurrency market also reached a milestone, surpassing 65% for the first time since early 2021. This marks a 3-year high, reaffirming Bitcoin’s strength and influence in the broader crypto ecosystem.
Bitcoin Dominance surpassed 65% for the first time since early 2021, marking a 3-year high. pic.twitter.com/b5KTxgzBa4
— IntoTheBlock (@intotheblock) October 18, 2024
Despite the bullish momentum, Bitcoin may be heading for a short-term dip. The TD Sequential, a technical analysis tool, is flashing a sell signal on Bitcoin’s 4-hour chart, while bearish divergence has appeared on the Relative Strength Index (RSI).
This indicates a potential brief correction before Bitcoin climbs to new highs. The same sell signal is also showing up on the Bitcoin daily chart, suggesting caution in the near term.
#Bitcoin may face a short-term dip with the TD Sequential flashing a sell signal on the 4-hour chart and bearish divergence showing up on the RSI. pic.twitter.com/cUM5DYYB3Y
— Ali (@ali_charts) October 18, 2024
Bitcoin Spot ETFs Continues Notable Inflows
Meanwhile, Bitcoin spot ETFs continue to experience strong inflows. On October 18th, total net inflows amounted to $274 million, marking six consecutive days of net positive inflows. Ark Invest and 21Shares’ ETF, ARKB, saw $110 million in new funds, while BlackRock’s ETF, IBIT, had an inflow of $70.4 million.
Bitcoin spot ETF had a total net inflow of $274 million on October 18, continuing its net inflow for 6 consecutive days. Ark Invest and 21Shares' ETF ARKB had an inflow of $110 million, and BlackRock ETF IBIT had an inflow of $70.4111 million. Ethereum spot ETF had an inflow of…
— Wu Blockchain (@WuBlockchain) October 19, 2024
While Bitcoin’s price may face short-term volatility, the combination of increasing whale accumulation, rising dominance, and continued institutional inflows through ETFs all point to a strong foundation for future growth. Investors remain optimistic, anticipating higher highs after any potential correction in the days ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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