New Bitcoin Whales Are ‘Underwater’: Analyst Expects High Volatility

Market Overview - The market is experiencing uncertainty and a bearish selloff, with high liquidations continuing [1] - New Bitcoin whales are likely to increase volatility in the market [1] Bitcoin Whale Activity - New Bitcoin whales have entered the loss zone as Bitcoin's price fell from its all-time high of $126,198 [2] - The unrealized profit ratio for these whales has turned red, indicating potential for increased market volatility [2] - Historical data shows that similar conditions in June and July 2021 led to stronger accumulation, pushing Bitcoin's price above $68,000 [2] Recent Market Movements - Bitcoin's price has dropped to $111,569 as of October 14, indicating a downward trend amid expectations of high volatility [3] - The selloff is accompanied by significant net outflows from US-based spot Bitcoin exchange-traded funds (ETFs), totaling $326.4 million on October 13 [4] - Major outflows were observed from GBTC, BITB, and FBTC, while BlackRock's IBIT saw an inflow of $60.4 million [4] Ethereum Market Dynamics - Spot Ethereum ETFs experienced a net outflow of $428.5 million, with ETHA leading the selloff at $310.1 million [4] - Ethereum's price also declined by 4%, reaching $3,990 [4] Exchange Activity - Binance recorded a USDT inflow of approximately $1.4 billion on October 12, which initially boosted market sentiment [5] - However, a subsequent net outflow of over $190 million USDT was noted, indicating fear and uncertainty among market participants [5]