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After facing rejection at $28,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) is facing strong selling pressure and currently trading 1.81% down at $27,094 with a market cap of $528 billion.
During the broader market sell-off, Bitcoin has been relatively less volatile while outperforming altcoins. As a result, Bitcoin has managed to extend its crypto market share above 50%. Partly, thanks to whales who have continued with strong accumulation even during the sell-off over the last week.
Bitcoin Whale and Institutional Accumulation
Popular crypto market Ali Martinez noted that since the beginning of October 2023, whales have purchased nearly 20,000 Bitcoins worth a total of $550 million.
#Bitcoin whales have purchased around 20,000 $BTC since the beginning of October, worth roughly $550 million! pic.twitter.com/47ZePiaIII
— Ali (@ali_charts) October 10, 2023
Despite the current selling pressure, Bitcoin has continued to witness institutional inflows during the last week. In the second consecutive week, digital asset investment products witnessed inflows amounting to $78 million. Bitcoin, in particular, reaped the rewards with inflows totaling $43 million. Nevertheless, some investors perceived the recent price surge as a chance to bolster their short positions on Bitcoin, resulting in inflows of $1.2 million over the same timeframe.
However, analysts are expecting some Bitcoin price volatility in the coming months as we approach the halving season in mid-2024. Popular crypto analyst Rekt Capital suggests the possibility of the BTC price moving to $20,000 before it begins its next bull run. But note that the sticky inflation going into 2024 can further delay the Bitcoin price rally post the halving.
Next ~6 months may offer the last ever retrace to low $20,000s (orange)
And 2 months Pre-Halving, we'll likely see some stronger upside volatility (light blue)
Lots of volatility to both the downside & upside await between now and the Halving$BTC #Crypto #BITCOIN pic.twitter.com/QRsjLre3Mh
— Rekt Capital (@rektcapital) October 6, 2023
Bitcoin As A Hedge Says Paul Tudor Jones
Amid the rising geopolitical tensions and the Israel-Hamas faceoff, top investors have started looking once again at Bitcoin, as a potential hedge.
Paul Tudor Jones, a prominent hedge fund founder and among the wealthiest, has expressed concerns about factors like extensive geopolitical risks and the escalating U.S. government debt, which have made stock ownership less appealing. Instead, he finds Bitcoin and gold to be attractive alternatives. In 2021, he had aimed to allocate 5% of his assets to Bitcoin.
The billionaire’s comments came during his interview with CNBC Squawk Box on Tuesday, October 10.
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