Satoshi-Era Bitcoin addresses in dormancy are now fully back to life.
More than 99 percent of Bitcoin holders are in profit after a spike above $71K earlier today, signaling the onset of bullish sentiment.
Bitcoin mining stocks surged up to 25% as Bitcoin crossed $70,000, with companies like Bitdeer Technologies (+24.4%), IREN (+17.8%), and Hut 8 (+15.5%) leading the gains.
Steno Research notes that MicroStrategy’s 300% premium over Bitcoin is unsustainable, as investors may shift to options trading on spot Bitcoin ETFs.
Metaplanet has added over 600 BTC so far in October.
HKEX’s new index series is the first in Hong Kong to align with EU financial standards.
The high demand for Bitcoin by institutional investors led by BlackRock’s IBIT, MicroStrategy, and Metaplanet has helped bolster the coin’s bullish sentiment.
In what is fast becoming a trend, a 12.4 year dormant Bitcoin wallet is active again, sparking selloff concern.
Ethereum price continues to struggle around $2,500, with the ETH/BTC trading pair reaching its lowest level since April 2021.
Bitcoin is seeing partial recovery to $68,000, with a record $4.5 billion in options expiring today. Ethereum also has a substantial options expiry worth $1.01 billion, or 403,426 contracts.
After consolidating below $72K for the past seven months, Bitcoin price has accumulated significant bullish sentiment to guarantee a breakout soon.
BlackRock’s Bitcoin ETF continues to record significant daily inflows despite the fluctuating market.
Whether or not Bitcoin will become a stable currency in the future remains entirely dependent on its price.
The ongoing shift in macroeconomic outlook catalyzed by rate cuts in several major jurisdictions has bolstered a bullish outlook for Bitcoin and the entire crypto space.
The number of Bitcoin whales has hit a level not achieved since January 2021, while retail investors have become more cautious.