The cryptocurrency markets have taken a downward turn following significant inflows into Bitcoin ETFs, leading to a decrease in prices and heightened trading activity. Data from IntoTheBlock has shown a rise in large transaction volumes by 6.05%, along with a 4.9% increase in daily active addresses. Currently, the majority of Bitcoin holders, about 86%, are in profit while 5% are at breakeven, indicating a mixed sentiment among investors.
Additionally, Coinglass data reports that 69,000 traders were liquidated in the past 24 hours, resulting in a total of $201.46 million being liquidated. Notably, long liquidations amounting to $156 million have reached their highest levels since September 6th. Arkham Intelligence has highlighted Friday as an exceptionally bullish day for ETFs, recording total net inflows of $494.4 million, with major buyers including Ark Invest, Fidelity, and Blackrock.
bearish and bullish, with the expectation that the direction will become clearer within the next 24 to 48 hours. In contrast, trader Ted Pillows views this dip as a bullish retest, emphasizing the necessity of corrections to remove overleveraged long positions and anticipates a reversal in the near future.
Trader CJ has provided insights into potential outcomes for Bitcoin's price by the end of September, noting that a close at $65,594 or higher could signal a strong bullish trend, possibly leading Bitcoin into a "super cycle" with a target of $100,000 in Q4. The positive momentum is thought to be bolstered by institutional and political factors. Alternatively, a close at $65,592 or lower could indicate a bearish scenario with institutions offloading their Bitcoin holdings, potentially causing the price to drop below $30,000, prompting the recommendation for short positions due to expected further declines.
Looking ahead, the influence of Bitcoin as an institutional asset class is set to be a focal point of discussion at Benzinga's upcoming Future of Digital Assets event on November 19th, highlighting the growing significance of cryptocurrencies in the financial landscape.