Bitcoin faces slight drop but whales hold steady
Despite the dip, large holders, known as ‘whales,’ did not partake in the recent sell-off, as indicated by a significant drop in whale transaction volumes.
Bitcoin briefly surpassed the $62,000 mark earlier in October before seeing a slight correction, with the price settling around $61,950. Despite the dip, data shows that large holders, known as whales, didn’t participate in the recent sell-off. Whale transaction volumes also dropped by nearly half, suggesting the possibility of price consolidation and reduced volatility.
Over the past week, Bitcoin has seen a net outflow from centralised exchanges, with around $153 million withdrawn. This could indicate growing accumulation as investors maintain bullish expectations for the cryptocurrency this October.
However, the broader crypto market remains susceptible to external influences, with geopolitical tensions and macroeconomic events likely to affect price movements in the near term.
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