As Bitcoin began the week with a strong rally, briefly surpassing $66,000, traders are increasingly shifting their focus toward GameFi and memecoins.
Interest in these altcoin sectors continues to rise, as discussion rates reflect growing attention from the market.
đź“Š With Bitcoin up to start the week and temporarily jumping all the way above $66K, traders are seeking opportunities in the GameFi and memecoin sectors. Discussion rates among these altcoin segments are showing a continued rise in interest levels.
Historically, this is a sign… pic.twitter.com/RhOzbgmNqt
— Santiment (@santimentfeed) October 14, 2024
Historically, when these speculative assets gain traction, it signals a shift in sentiment. The crowd is gradually becoming more bullish, especially after a five-week market rally. This trend suggests that Fear of Missing Out (FOMO) could intensify, driving further interest in high-risk assets until a market correction reintroduces caution.
Short-term Bitcoin holders are currently experiencing a dominance of profits, with the Profit/Loss Ratio standing at 1.2. This key metric has surged above its 90-day average by over one standard deviation, indicating a possible shift toward a more optimistic investor outlook.
Short-Term Holders currently show a profit dominance with their Profit/Loss Ratio trading at 1.2. This metric has recently broken 1 standard deviation above its 90-day mean, signaling a potential positive shift in investor sentiment. pic.twitter.com/MA4a7x92mj
— glassnode (@glassnode) October 14, 2024
Bitcoin demand is also on the rise, growing at its fastest monthly pace since April 2024. With Bitcoin at $66,000, 91% of holders are now in profit. This has led many to speculate when Bitcoin might hit a new all-time high.
91% of Bitcoin holders are in profit as Bitcoin touches $66k.
When will $BTC see a new all-time high? pic.twitter.com/fpxZXkeySl
— IntoTheBlock (@intotheblock) October 14, 2024
Institutional Investor’s Confidence For Bitcoin Grows With Bigger Accumulation
Institutional players are also making moves. #ceffu, for instance, accumulated 1,988 BTC worth $120.88 million at an average price of $60,815 on October 10 and 11. Just three hours ago, #ceffu deposited 1,133 BTC worth $72.57 million to Binance at $64,047, realizing a profit of around $3.66 million.
The price of $BTC increased by 3.2% today!#ceffu has excelled in trading $BTC this week.#ceffu accumulated 1,988 $BTC($120.88M) at $60,815 on Oct 10 and Oct 11.
3 hours ago, #ceffu deposited 1,133 $BTC($72.57M) to #Binance at $64,047, making a profit of ~$3.66M!… pic.twitter.com/vnZlQMlh4M
— Lookonchain (@lookonchain) October 14, 2024
Meanwhile, Bitcoin spot ETFs saw a net inflow of $308.76 million from October 7 to 11. While Grayscale’s $GBTC experienced a $50.02 million outflow, BlackRock’s $IBIT ETF surged with a $140 million inflow, closely followed by Fidelity’s $FBTC ETF, which attracted $138 million.
From October 7 to 11, #Bitcoin spot ETFs raked in a net influx of $308.76 million.
Grayscale's $GBTC faced a $50.02 million outflow, but BlackRock's $IBIT ETF surged with a $140 million inflow, closely rivaled by Fidelity's $FBTC ETF with $138 million. pic.twitter.com/r5qa7tBkq9
— Kyledoops (@kyledoops) October 14, 2024
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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