The Binance futures market has recently witnessed the strongest buying pressure since September of last year, with notable interest not only in Bitcoin ($BTC) but also in Ethereum ($ETH).
This robust activity points to increased market confidence in these digital assets.
Strong buying momentum has emerged from Binance futures whales
“Recently, the strongest buying pressure since last September has appeared in Binance futures market… The same pattern is emerging not only in $BTC but also in $ETH.” – By @mignoletkr
Link 👇… pic.twitter.com/9aXYGMg4HV
— CryptoQuant.com (@cryptoquant_com) November 1, 2024
Adding to this momentum, analytics platform Glassnode reported a substantial surge in Bitcoin outflows from exchanges within the last 48 hours, indicating a significant shift toward cold storage.
This trend reflects a heightened “hold” sentiment among investors, suggesting a positive long-term outlook for Bitcoin as more investors choose to safeguard their assets off-exchange.
Glassnode reports a surge in #Bitcoin outflows from exchanges over the past 48 hours, suggesting a shift to cold storage.
This trend highlights robust holding sentiment and paints a bright long-term future for Bitcoin. pic.twitter.com/NcvSv1DGWJ
— Kyledoops (@kyledoops) November 1, 2024
Microstrategy Makes Bitcoin Strategic Moves, Spot ETFs Data Shows Outflows
MicroStrategy, one of the most prominent corporate holders of Bitcoin, further demonstrated its commitment to Bitcoin accumulation.
Recently, the company transferred 1,652 BTC (valued at $114.38 million) to a new wallet, signaling continued strategic asset management. MicroStrategy’s Bitcoin holdings now total 252,220 BTC, currently valued at $17.56 billion.
With an average buying price of $39,266, the company has achieved an unrealized profit of approximately $7.65 billion. Looking ahead, MicroStrategy has ambitious plans to raise $42 billion over the next three years to further increase its Bitcoin holdings.
The #MicroStrategy wallet transferred 1,652 $BTC($114.38M) to a new wallet 6 hours ago.#MicroStrategy currently holds 252,220 $BTC($17.56B), with an average buying price of $39,266 and an unrealized profit of $7.65B!#MicroStrategy plans to raise $42B to buy more #Bitcoin in… pic.twitter.com/0FtYT5raID
— Lookonchain (@lookonchain) November 2, 2024
Meanwhile, Bitcoin spot ETFs experienced a net outflow of $54.94 million on November 1, marking the first outflow after a steady inflow pattern over the previous week. This movement may indicate some short-term profit-taking or rebalancing but does not appear to affect the broader optimism surrounding Bitcoin.
Bitcoin spot ETF had a total net outflow of $54.9403 million on November 1, the first net outflow after the net inflow in the past 7 days. Ethereum spot ETF had a total net outflow of $10.9256 million. https://t.co/59u0BnEqLG pic.twitter.com/4z0zBmc1Jg
— Wu Blockchain (@WuBlockchain) November 2, 2024
Together, these developments underscore a positive market environment for Bitcoin, with strong buying interest, robust holding sentiment, and high-profile institutional accumulation all contributing to a favorable outlook for the cryptocurrency’s future trajectory.
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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