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Bitcoin Experiences October Surge Amidst Market Volatility

October closed on a high note for Bitcoin, marking a notable +10% increase with a bullish engulfing candlestick.

Despite this gain, Bitcoin’s price fell short of surpassing the highest monthly close seen in March and April. The current pullback in Bitcoin’s value could be attributed to the market entering an Extreme Greed Zone, a sentiment that previously led to a correction of over 25%.

Amidst this price dip, significant whale activity was observed. Just three hours ago, one whale purchased 550 BTC, valued at approximately $38.68 million, while another whale acquired 500 BTC for around $34.9 million when prices were at $69,799.

Notably, this latter whale had previously invested in 501 BTC at a price of $30,233 on June 22, 2023, currently sitting on unrealized profits of about $19.8 million.

Number Of Addresses Holding Over 1 BTC Sees Decline This Year 

Additionally, the number of addresses holding more than 1 BTC has seen a slight decline this year, dropping from 1,024,437 to 1,013,120. This trend may indicate changing investor sentiment as the year progresses.

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On October 31, the Bitcoin spot ETF recorded a net inflow of $32.14 million, marking the lowest inflow in the past week. This decrease in inflow suggests that investor interest may be waning slightly as the market grapples with volatility.

As Bitcoin navigates these fluctuating conditions, traders and investors remain cautious yet attentive, watching for signs of recovery and potential shifts in market sentiment. With whales actively engaging and sentiment fluctuating, the coming weeks will be crucial for Bitcoin’s trajectory.

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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Image Source: balage941/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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