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Recently, Bitcoin transactions involving large amounts, known as whale transactions, have surged to their highest level in over 10 weeks. On Tuesday, there were 11,697 transfers of $100,000 or more, and Wednesday also showed strong activity. At the same time, conversations on social media have shifted significantly towards Bitcoin, which now makes up over 25% of all discussions about cryptocurrencies. This change comes as Bitcoin's price has risen above $68,000 for the first time since July. These trends suggest that the current price rally might be slowing down because major investors are taking profits and many traders are feeling a fear of missing out (FOMO). However, longer-term indicators still look positive, suggesting that any potential drop in price could be short-lived.
The Bitcoin ETF scene is buzzing, with total net inflows soaring to $20 billion after just 193 trading days excluding Grayscale (GBTC), that figure skyrockets to a whopping $40 billion. In the first three days of this trading week alone, these ETFs have raked in an impressive $1.39 billion, with absolutely no outflows in sight! Led by BlackRock (IBIT), which has added a staggering 11,331 BTC, worth around $762 million. This boosts its total to 380,971 BTC, valued at about $25.7 billion, making it home to over one-third of all US Spot BTC ETF holdings. The momentum is undeniable!
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