Crypto News

Bitcoin Surges Above $63K As Whales Book Profits And Altcoins Struggle

Bitcoin has soared past $63,000, but the broader crypto market remains in the red. Major altcoins such as TON (-3.34%), SOL (-2.57%), and ETH (-0.11%) are seeing declines, reflecting cautious market sentiment.

The overall crypto market capitalization now sits at $2.31 trillion, down by 0.39%, with Bitcoin’s dominance at 53.91%, a slight dip of 0.08%.

https://twitter.com/CryptoRank_io/status/1837424500981334360?t=sskKykgGNHBfx_wDTtTiHA&s=19

Interestingly, despite Bitcoin nearing all-time highs, the Fear & Greed Index shows a reading of 54, indicating “Greed” — the same level of fear as during previous bear markets. This suggests that while enthusiasm is growing, there’s still uncertainty about the market’s future direction.

Bitcoin’s dominance is showing potential signs of breaking down from a rising wedge pattern, signaling a possible shift in momentum toward altcoins. At the same time, the altcoin market cap is breaking out of a falling wedge, sparking hopes of an altseason resurgence.

Bitcoin whales have been active, booking significant profits in the latest price surge. Over the past 96 hours, they sold more than 30,000 BTC, valued at roughly $1.86 billion, indicating that some large holders are cashing in on the recent upswing.

Bitcoin Spot ETF Weekend Record To Monitor 

On the institutional front, Bitcoin spot ETFs saw strong inflows on September 20, totaling $91.99 million. Fidelity’s ETF FBTC led with $26.12 million in net inflows, followed by Ark Invest and 21Shares’ ARKB, which brought in $21.99 million. Grayscale’s Bitcoin Mini Trust ETF BTC also saw inflows of $13.37 million, reflecting growing institutional interest in Bitcoin as it continues its upward momentum.

As Bitcoin tests new highs, both the crypto community and institutional investors are watching closely to see whether the leading cryptocurrency can sustain its gains or if a market correction is imminent.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: releon003/123RF // Image Effects by Colorcinch