Bitcoin Little Changed After Teasing All-Time High
As of October 30, 2024, Bitcoin's price remains relatively stable, oscillating between $71,150 and $72,500 after nearly reaching $73,000. The broader cryptocurrency market mirrored this trend, with Bitcoin gaining approximately 0.86% and Ethereum rising about 1.15%. Notably, spot Bitcoin ETFs saw inflows exceeding $870 million, contributing to total trading volumes surpassing $4.75 billion—the highest since March. This surge in ETF trading, particularly with BlackRock's IBIT leading at $3.3 billion, raises anticipation for further inflows, driven potentially by a FOMO frenzy amidst rising Bitcoin prices. However, concerns arise from potential selling actions by the Bhutan government, which holds over $900 million in Bitcoin. Profit-taking among major holders, as Bitcoin approaches its March record high, has been noted, indicating a trend that may restrict significant price increases as more holders seek to lock in profits. Despite recent increased activity, there remains higher than average profit-taking compared to previous periods.
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