Bitcoin’s price has surged beyond the $68,000 mark, driven by a notable reduction in large holder outflows, commonly referred to as whale selloffs. On-chain data shows that the flagship cryptocurrency has regained momentum, with large investors accumulating rather than selling off their holdings.
The shift in Bitcoin whale activity was evident between October 17 and October 19, as net outflows of 1,650 BTC turned into a net inflow of 211 BTC. This significant change points to growing confidence among major holders of Bitcoin. CryptoQuant CEO, Ki Young Ju, confirmed this trend, noting the intensified accumulation of Bitcoin by large wallets.
According to a report by crypto.news, new whale addresses—each holding at least 1,000 BTC—held over 1.97 million Bitcoin as of yesterday. This represents an 813% surge since the beginning of the year, showcasing the increasing appetite of large investors for the digital asset.
One key factor fueling Bitcoin’s bullish performance is the surge in interest surrounding U.S.-based spot Bitcoin exchange-traded funds (ETFs). These ETFs saw inflows of $2.1 billion last week alone, pushing the total net inflows above $21 billion. The strong demand for Bitcoin ETFs has helped reinforce positive market sentiment and sustain Bitcoin’s upward momentum.
Despite this optimism, some market dynamics suggest caution. Data from IntoTheBlock (ITB) reveals that Bitcoin exchange net flows have remained in the negative for three consecutive days. On October 19, there was a net outflow of over 2,300 BTC, valued at $157 million, indicating that many investors are still opting to hold their Bitcoin off exchanges—a sign of lower selling pressure. However, analysts caution that short-term profit-taking could occur, especially with Bitcoin nearing its all-time high of $73,750.
Over the past 24 hours, Bitcoin has been consolidating between $68,000 and $68,600, with its market capitalization sitting at $1.35 trillion. The daily trading volume, however, has dropped by 55%, coming in at $13.8 billion. This decline in trading activity may signal lower price volatility in the near term for the leading cryptocurrency.
The broader crypto market has also experienced a resurgence, adding $140 billion to the global crypto market cap, which now stands at $2.35 trillion. Bitcoin’s recovery has sparked a rally across various altcoins, with some seeing significant gains.
Among the altcoins, Dogecoin has been a standout performer, recording seven consecutive days of gains and closing the week at $0.144—a four-month high. Dogecoin’s 27% weekly increase marked its strongest performance since February, as meme coins experienced renewed interest. However, the rally may face challenges, with the Dogecoin Commodity Channel Index (CCI) hitting 247. Should bearish pressure emerge this week, Dogecoin will need to maintain support above $0.137 to avoid a dip toward its 20-day Simple Moving Average (SMA) at $0.116.
Meanwhile, ApeCoin (APE) closed the week at $0.87 after a 20% gain, primarily driven by the launch of ApeChain, the project’s blockchain. Although ApeCoin briefly crossed the $1 mark, it faced resistance, and with its Relative Strength Index (RSI) entering overbought territory at 85, some analysts expect a potential price correction without further buying pressure.
Other altcoins like DIA also made headlines, with DIA gaining 44% over the week. After reaching $1 for the first time in two years, DIA saw its trading volume spike to a record 716 million tokens. However, analysts warn of an overextension in DIA’s rally, with potential corrections looming.
As Bitcoin continues its upward trajectory, the global crypto market’s recovery remains in focus, with investor interest in Bitcoin ETFs, whale activity, and altcoin performances driving the market into new territory.
