October, notoriously known as “Uptober” among crypto enthusiasts, has kicked off on a sour note.
Bitcoin and Ethereum plummeted over 4% each, with $BTC hitting $61,750 and $ETH tumbling to $2,495.
Uptober has started with a drop, with bitcoin and Ethereum dropping over 4% each 📉$BTC hit $61,750, while $ETH fell to $2,495 👀
This dip came on the news that the WhiteHouse anticipates that Iran will attack Israel 🥊
Escalating tensions have caused selloffs previously 💥
— CryptoSavingExpert ® (@CryptoSavingExp) October 1, 2024
The catalyst behind this dip? Rising tensions between Iran and Israel, with the White House anticipating a potential attack. History shows that escalating geopolitical tensions often trigger market selloffs.
A notable whale’s recent actions also raised eyebrows:
- Sold 29,480 $ETH ($76.8M) over three days at $2,605, netting $2.34M
- Previously bought 29,414 $ETH ($74.46M) between August 27-30 at $2,532 and staked it.
The whale sold all 29,480 $ETH($76.8M) at an average price of $2,605 in the past 3 days, making ~$2.34M!
The whale bought 29,414 $ETH($74.46M) at an average price of $2,532 from August 27 to August 30 and staked it.https://t.co/edvDTce8Y7 pic.twitter.com/5vzWkZsdt3
— Lookonchain (@lookonchain) October 1, 2024
ETF flows offered mixed signals:
- Total Ethereum spot ETF outflow: $822,300 (September 30)
- Grayscale ETF ETHE outflow: $11.8128 million
- BlackRock ETF ETHA inflow: $10.9905 million
On September 30, the total net outflow of Ethereum spot ETF was $822,300, Grayscale ETF ETHE outflow was $11.8128 million, and BlackRock ETF ETHA inflow was $10.9905 million. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) October 1, 2024
Market Insights:
- Geopolitical tensions weigh on crypto markets
- Whale activity influences market sentiment
- ETF flows reflect investor caution
As Uptober unfolds, keep a close eye on:
- Global events
- Whale movements
- ETF flows
Will Bitcoin and Ethereum bounce back from this dip, or will geopolitical tensions continue to weigh on the market?
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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