Cryptocurrency markets are trading lower to start the new week after record inflows into Bitcoin ETFs last week.
Cryptocurrency Price Gains +/- Bitcoin BTC/USD $63,431.9 -3.6% Ethereum ETH/USD $2,589.2 -2.8% Solana SOL/USD $154.6 -2% Dogecoin DOGE/USD $0.118 -7.2% Shiba Inu SHIB/USD $0.00001779 -8.4%
Notable Statistics:
IntoTheBlock data shows large transaction volume increased by 6.05% and daily active addresses spiked by 4.9%. Currently, 86% of Bitcoin holders are in profit and 5% are at breakeven.
Coinglass data reports 69,000 traders liquidated in the past 24 hours for $201.46 million. Long liquidations of $156 million are the highest since Sep. 6.
Arkham Intelligence marked Friday as the most bullish ETF day in more than two months. With total net inflows of $494.4 million, the biggest buyers were Ark Invest, Fidelity and Blackrock.
Notable Developments:
Top Losers:
Cryptocurrency Price Gains +/- Worldcoin WLD/USD $1.9 -8.5% Shiba Inu SHIB/USD $0.00001779 -8.4% Core CORE/USD $1.04 -7.5%
Trader Notes: With Bitcoin prices dropping 4%, crypto trader Scient thinks panic is already hitting all-time highs. He outlined two scenarios for the upcoming price movement: Bearish and Bullish, clarifying the direction will be out in next 24 or 48 hours.
$BTC, So we are testing the daily block block here and Panic is already hitting ATHs.
Simply observe here for the next swing move.
Bearish: If we get a 1D close below the block ($63000), We likely see $59000.
Bullish: If we continue to consolidate above the OB box, We likely… https://t.co/mV1VTcWfFm pic.twitter.com/S09K3y1Q25 — Scient (@Crypto_Scient) September 30, 2024
Another crypto trader, Ted Pillows, marks this as a Bitcoin bullish retest. He stated, "Nothing goes up forever, and corrections are needed to flush the overleveraged longs." He expects a reversal soon.
Trader CJ also suggests two possible outcomes for Bitcoin’s price at the end of September. He stated that a close at $65,594 or higher signals a strong bullish trend, with Bitcoin expected to enter a “super cycle” that could push it to $100,000 in Q4. Positive momentum is driven by institutional and political factors.
On the other hand, a close at $65,592 or lower is a bearish scenario where institutions have been offloading their Bitcoin holdings. This could lead to a potential drop below $30,000. In this case, short positions are recommended as further declines are anticipated.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.