After a recent 10% correction, Bitcoin has rebounded, climbing back to the $63,000 mark as it attempts to reclaim the critical Short-Term Holder cost basis.
This resurgence comes as the broader crypto market stabilizes following a period of volatility.
Following a 10% price correction, the #Bitcoin market has rebounded back to the $63k level in an attempt to reclaim the critical Short-Term Holder cost-basis.
Discover more in the latest Week On-Chain below👇https://t.co/E3bufV5aaE pic.twitter.com/BUFi1friu9
— glassnode (@glassnode) October 8, 2024
Meanwhile, MicroStrategy’s stock has surged to $196, just 2% away from its all-time high.
Often behaving like a leveraged version of Bitcoin in bullish phases, MicroStrategy’s stock has seen incredible growth since it began acquiring Bitcoin on August 11, 2020. Since then, the stock has skyrocketed by 1,208%, while Bitcoin itself has risen 445% over the same period.
MicroStrategy Stock hits $196, 2% away from ATH
The stock behaves like a leveraged version of #Bitcoin during bullish phases.
Since MicroStrategy began purchasing $BTC on August 11, 2020, its stock has surged by 1,208%, while Bitcoin itself has risen by 445%. pic.twitter.com/AiRYFeUPoM
— CryptoQuant.com (@cryptoquant_com) October 8, 2024
In the Bitcoin market, a significant shift is underway among major investors, often referred to as whales. New whale entrants have collectively invested $108 billion, while older whales have a combined investment of $113 billion.
The ratio between new and old whales now stands at 48:51, but the realized capital of new whales is expected to surpass that of the older whales soon, signaling a generational shift in whale dominance.
#Bitcoin whales are experiencing a generational shift.
New whales have invested $108 billion, while older whales have invested $113 billion since Bitcoin's inception. The ratio is now 48:51.
Realized cap of new whales is expected to surpass that of older whales soon. pic.twitter.com/gxkG1Hf2zf
— Ki Young Ju (@ki_young_ju) October 8, 2024
Bitcoin Spot ETFs Recorded Notable Net Inflow Of $235 MillionÂ
October 7 also saw notable inflows into Bitcoin spot ETFs, with a total net inflow of $235 million. Fidelity’s ETF, FBTC, recorded an inflow of $104 million, while BlackRock’s IBIT ETF saw $97.88 million in inflows. These large-scale investments further underscore the ongoing institutional interest in Bitcoin as market dynamics evolve.
On October 7, the total net inflow of Bitcoin spot ETFs was $235 million. Fidelity ETF FBTC had an inflow of $104 million, and BlackRock ETF IBIT had an inflow of $97.883 million. The inflow and outflow of Ethereum spot ETF was zero, which is the second time it has been zero…
— Wu Blockchain (@WuBlockchain) October 8, 2024
As Bitcoin’s price and whale activity continue to fluctuate, the market remains in a state of anticipation for the next major movement in the world’s largest cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any stocks.
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Image Source: hamara/123RF // Image Effects by Colorcinch
