Bitcoin ETF

Bitcoin

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Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price has swiftly recovered above $67,000, moving by 3% after dropping to a low of $65,200. Despite the recent drawdown, the metric tracking long-term Bitcoin accumulation sentiment did not change as BTC whales’ holding reached new highs.
<h2 id="bitcoin-whale-balances-indicate-optimistic-long-term-expectations">Bitcoin whale balances indicate “optimistic” long-term expectations</h2>
BaroVirtual, a verified Bitcoin researcher on CryptoQuant, <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/671a19b01336e76f6a82958e-Whales-holdings-are-at-an-all-time-high" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cryptoquant.com/insights/quicktake/671a19b01336e76f6a82958e-Whales-holdings-are-at-an-all-time-high">highlighted</a> that the current whale holding reached a new all-time high (ATH) at around 670,000 BTC. The chart exhibits a growing trend in 2024, with whales initially eclipsing their previous ATH holding level from 2020 in July.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be4d-e9a0-7793-9206-70e3252a98c4" title="">
 <figcaption style="text-align: center;">
 Bitcoin whales holdings chart. Source: CryptoQuant
 </figcaption>
</figure>
Speaking of the current rise in whale holdings, the researcher mentioned that it is an optimistic long-term sign and said,
<blockquote>
 “This accumulation phase can be characterized as calm before the storm in the medium and long term.”
</blockquote>
BaroVirtual added that BTC’s price could often move in a sideways trend when the whale’s holding positional value exhibits a new peak, but it creates more demand during a bull market.
Therefore, Bitcoin's parabolic price rise occurs when the whales gradually reduce their holdings, and retail investors absorb the selling pressure from the market.
Previously, Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally">reported</a> that Bitcoin whale accumulation is currently similar to its 2020 trend. The Bitcoin whale ratio on spot exchanges had matched its previous high from 2020, with whale wallets accumulating over 1.5 million BTC over the past six months.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally">Related: Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550%</a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-whales-current-accumulation-trend-emulates-2020-2021-s-550-rally">&nbsp;</a>
<h2 id="bitcoin-reclaims-67-000-as-etf-inflows-turn-positive">Bitcoin reclaims $67,000 as ETF inflows turn positive</h2>
On Oct. 22, Bitcoin ETF flows registered its first net negative of $79.1 million in two weeks after BTC prices dropped 3% a day prior. While the community expected a cooldown period from the institutions, <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://farside.co.uk/btc/">data</a> shows ETF inflows surging to $192.4 million on Oct. 23.
The positive inflows were observed on a negative daily candle for BTC, which inferred continued bullish sentiment from institutions regardless of short-term declines.
Meanwhile, Moustache, an independent crypto analyst, <a data-ct-non-breakable="null" href="https://x.com/el_crypto_prof/status/1849096949456068814" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/el_crypto_prof/status/1849096949456068814">shed light</a> on Bitcoin’s golden moment indicator, which recently turned bullish.
The analyst claimed that the indicator has successfully called the beginning of a bullish leg four times in the last four years, making it a reliable tool.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be7b-3927-7562-b36c-05eeec29357b" title="">
 <figcaption style="text-align: center;">
 Bitcoin golden moment indicator chart by Moustache. Source: X.com
 </figcaption>
</figure>
From a technical perspective, Bitcoin has managed an immediate recovery above $67,000 after exhibiting a V-pattern from the first orderblock or demand zone.
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go">reported</a> by Cointelegraph on Oct. 23, the most bullish scenario for BTC was an immediate jump from $64,500 after the crypto asset mirrored July's ‘fractal’ pattern.
<figure><img alt="Bitcoin Price, Bitcoin Analysis, Markets, Market Analysis, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be85-9e50-7394-ba8a-30b2974d3c4f" title="">
 <figcaption style="text-align: center;">
 Bitcoin 4-hour chart. Source: Trading View
 </figcaption>
</figure>
At the moment, BTC’s price action is playing out as expected, but further bullish confirmation will be attained after a daily candle move above the overhead resistance at $67,800.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go">Related: How low can the Bitcoin price go?</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whale accumulation hits 670K all-time high amid BTC’s v-shaped bounce

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