- The world’s largest cryptocurrency, Bitcoin (BTC), is currently trading at around $27,020 with a market value of $528 billion, experiencing a 1.81% decrease.
- During the general market selling pressure, Bitcoin has been relatively less volatile compared to altcoins and has managed to increase its crypto market share to over 50%.
- Due to rising geopolitical tensions and factors like the Israel-Hamas conflict, top investors have started reevaluating Bitcoin as a potential hedge.
Bitcoin’s price has fallen to the critical support of $27,000 today; what is the current situation with the whales? Is interest in Bitcoin diminishing?
How Are Bitcoin Whales Progressing in October?
After being rejected around the $28,000 level earlier this week, the world’s largest cryptocurrency, Bitcoin (BTC), is currently trading at around $27,020 with a market value of $528 billion, experiencing a 1.81% decrease.
During the general market selling pressure, Bitcoin has been relatively less volatile compared to altcoins and has managed to increase its crypto market share to over 50%. Part of this could be attributed to the strong accumulation of Bitcoin by whales, which has continued even during the selling pressure of the past week.
Popular crypto market analyst Ali Martinez stated that whales have purchased approximately 20,000 Bitcoins, with a total value of $550 million, since the beginning of October 2023. Despite the current selling pressure, Bitcoin has continued to see institutional inflows over the past week. Digital asset investment products saw $78 million of inflows for the second consecutive week.
Bitcoin benefited from this, especially with $43 million of inflows. However, some investors saw the recent price increase as an opportunity to strengthen their short positions on Bitcoin, leading to $1.2 million in outflows during the same period.
Analysts, however, suggest that some volatility in BTC price is expected in the coming months, and there is a possibility that Bitcoin could drop to around $20,000 levels before initiating the next bull run as we approach the middle of 2024. However, stable inflation as we enter 2024 might further delay the Bitcoin price rally following the halving.
Paul Tudor Jones: Bitcoin is a Hedge
Due to rising geopolitical tensions and factors like the Israel-Hamas conflict, top investors have started reevaluating Bitcoin as a potential hedge.
Paul Tudor Jones, a prominent hedge fund founder and one of the wealthiest, has stated that factors making long-term stock ownership less attractive include expanding geopolitical risks and increasing US government debt. Instead, he sees Bitcoin and gold as attractive alternatives. In 2021, he aimed to allocate 5% of his assets to Bitcoin.
