Bitcoin witnessed a notable surge in whale transactions on August 5th and 6th, marking the highest level of such activity since early April.
Data shows that wallets holding between 10 and 1,000 BTC took advantage of a price dip, rapidly accumulating Bitcoin as the asset temporarily fell below the $50,000 mark. This activity underscores the confidence among large holders who view the dip as a buying opportunity.
đł August 5th and 6th saw the highest level of Bitcoin whale transactions since the first week of April. According to the total holdings of wallets with 10 to 1,000 BTC, they rapidly accumulated on the price dip that saw crypto's top asset fall below $50K. pic.twitter.com/wLG33tIV2k
â Santiment (@santimentfeed) August 7, 2024
Simultaneously, Bitcoinâs 30-day volatility reached its highest point since March, signaling potential trend shifts and heightened market uncertainty. Increased volatility often precedes significant price movements, and analysts are closely watching the market for further developments.
Bitcoin's 30-day volatility hit its highest point since March of this year.
This rise in volatility indicates potential trend shifts and heightened market uncertainty. pic.twitter.com/RBy1w8wJNe
â IntoTheBlock (@intotheblock) August 8, 2024
Analyst Ali Martinez has pointed out a bullish pattern forming on lower time framesâa bull pennant. This technical formation suggests a potential price increase of over 5%, with Bitcoin possibly targeting the $60,000 level in the near term.
#Bitcoin is forming a bull pennant on lower time frames, indicating a potential rise of over 5% towards $60,000! I'm setting my stop loss at $56,870. pic.twitter.com/oVpFzSd8oQ
â Ali (@ali_charts) August 8, 2024
Bitcoin Spot ETFs Recorded Mixed Movements And Notable InflowÂ
In the realm of Bitcoin spot ETFs, August 7th saw mixed movements. The total net inflow amounted to $45.1387 million, driven by substantial inflows and outflows across different ETFs. Grayscaleâs GBTC experienced an outflow of $30.5801 million, while BlackRockâs IBIT saw a significant inflow of $52.5157 million. WisdomTreeâs BTCW also contributed with an inflow of $10.4989 million. Despite these movements, the total net asset value of Bitcoin spot ETFs dipped below $50 billion, standing at $49.821 billion.
On August 7, the total net inflow of Bitcoin spot ETFs was $45.1387 million. Grayscale ETF GBTC outflowed $30.5801 million, BlackRock ETF IBIT inflowed $52.5157 million, and WisdomTree ETF BTCW inflowed $10.4989 million. The total net asset value of Bitcoin spot ETFs was $49.821âŚ
â Wu Blockchain (@WuBlockchain) August 8, 2024
Overall, the recent surge in whale activity, coupled with rising volatility and significant ETF movements, suggests that Bitcoin is at a critical juncture. As the market reacts to these dynamics, Bitcoinâs price could see substantial shifts in the days ahead, with a potential upward move towards $60,000.
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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