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.
📊 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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