Bitcoin surged to a new peak yesterday, but investor behavior suggests a cautious tone. Over 7,500 BTC were withdrawn from Binance, marking the year’s second-largest outflow from the exchange.
This significant withdrawal hints that many investors may be shifting towards long-term holdings, reflecting growing confidence in Bitcoin’s future value.
Bitcoin soared to a new peak yesterday, yet investors pulled over 7,500 $BTC from Binance—the year's second-biggest withdrawal.
This move hints at a cautious mindset, possibly pointing to a pivot towards long-term holdings and signaling growing confidence in Bitcoin's future. pic.twitter.com/M0ZOscvPEY
— Kyledoops (@kyledoops) November 14, 2024
As Bitcoin’s rally continues, the you market is seeing notable developments with institutional funds as well.
The seven largest Bitcoin ETFs collectively amassed $8.21 billion, the biggest single-day total since Bitcoin’s previous peak of $73.7K on March 14.
This strong influx indicates heightened interest, but the polarization between buyers and sellers could signal a temporary top at the $93.4K level if history repeats itself.
📊 Bitcoin's 7 largest ETF's have combined for $8.21B, the largest day since the day BTC peaked at the March 14th then all-time high of $73.7K. This indicates massive polarity between buyers and sellers, and if history repeats, could signal the $93.4K level as a temporary top. pic.twitter.com/SvZXGafnEN
— Santiment (@santimentfeed) November 13, 2024
Potential Bitcoin Price Correction While Institutional Interest Grows
Yet, signals for a potential correction are also emerging. The TD Sequential indicator on Bitcoin’s daily chart has flashed a sell signal, suggesting the price may soon pull back.
A #Bitcoin $BTC price correction could be underway as the TD Sequential indicator presents a sell signal on the daily chart! pic.twitter.com/MMCPzY1bAx
— Ali (@ali_charts) November 14, 2024
With approximately $5.42 billion in Bitcoin profits recently realized, the sell-side risk ratio has risen to 0.524%, adding to the cautionary outlook.
Royal Government of #Bhutan deposited 365 $BTC($33.31M) to #Binance 40 minutes ago.
Royal Government of #Bhutan currently holds 12, 573 $BTC($1.15B).https://t.co/hiNf1ySism pic.twitter.com/1Jj4Sj6t8V
— Lookonchain (@lookonchain) November 14, 2024
Meanwhile, institutional involvement in Bitcoin is also on the rise. The Royal Government of Bhutan recently deposited 365 BTC (around $33.31 million) into Binance, increasing its holdings to a total of 12,573 BTC, currently valued at $1.15 billion.
https://x.com/lookonchain/status/1857042806310633608?t=N3yY0k4BfGEkWdGgGqBWAA&s=19
November 13 saw Bitcoin spot ETFs register a total net inflow of $510 million, marking six consecutive days of positive flows. BlackRock’s IBIT ETF led with a daily net inflow of $231 million, adding to its impressive cumulative inflow of $29.152 billion, while Fidelity’s FBTC ETF recorded a net inflow of $186 million.
On November 13, Bitcoin spot ETFs had a total net inflow of $510 million, recording net inflows for six consecutive days. BlackRock ETF IBIT ranked first with a single-day net inflow of $231 million, with a cumulative net inflow of $29.152 billion; Fidelity ETF FBTC had a net… pic.twitter.com/WJCBtLzLmi
— Wu Blockchain (@WuBlockchain) November 14, 2024
Overall, Bitcoin’s recent surge, institutional inflows, and market signals collectively suggest a phase of heightened interest, though caution may be warranted given potential signs of a near-term correction.
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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