The native token of dYdX, a decentralized trading platform, recorded an impressive rally despite the whale selloff.
dYdX (DYDX) surged 29% in the past 24 hours and is trading at $1.28 at the time of writing. Its market cap is hovering around $820 million with a daily trading volume of $350 million.
The asset saw a notable increase in its large holder outflow after hitting the $1.31 mark for the first time since late July. According to data provided by IntoTheBlock, DYDX saw a whale inflow of 6.42 million tokens and an outflow of 6.82 million tokens—leaving a net outflow of 401,270 DYDX on Sunday, Oct. 20.
DYDX price and large holder net flow – Oct. 21 | Source: IntoTheBlock
Sudden increases in the large holder outflows usually hint at panic-selling. In this case, the whale selloff was neutralized due to increased accumulation as DYDX reached a three-month high of $1.33 later that day.
On the other hand, the DYDX exchange inflows have been significantly increasing since Oct. 18. Per data from ITB, almost 600,000 DYDX tokens entered centralized exchanges yesterday—suggesting that more investors might be looking to take profits before the price falls.
This movement is natural since 91% of DYDX holders are currently at a loss—only 9% are in profit. Some investors might be looking to decrease their losses as the asset is still down by 72.5% down from its all-time high of $4.53 in March.
On Oct. 10, the company’s CEO Antonio Juliano returned after six months of taking the chairman role: “vision is essential to unite and inspire. In my time away from dYdX, execution went well but I saw everyone slowly start to ask ‘wait.. what are we really doing here again?’”
On-chain data shows a significant decline in the Bitcoin large holder outflows as the flagship cryptocurrency remains above the $68,000 mark.
According to data provided by IntoTheBlock, the Bitcoin (BTC) whale net flow shifted from an outflow of 1,650 BTC on Oct. 17 to a net inflow of 211 BTC on Oct. 19. The momentum shows increased accumulation from large holders.
BTC price and large holder net flows – Oct. 20 | Source: IntoTheBlock
CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation.
Per a crypto.news report, data provided by Young Ju shows that new whale addresses, with at least 1,000 BTC, held over 1.97 million coins yesterday—showing an 813% surge since the start of the year.
One of the key drivers behind Bitcoin’s bullish momentum is the increased investor interest in the U.S.-based spot BTC exchange-traded funds.
According to the report, these investment products saw an inflow of $2.1 billion last week—the total net inflows surpassed the $21 billion mark.
Moreover, data from ITB shows that the Bitcoin exchange net flows remained in the negative zone for the third consecutive day, recording a net outflow of over 2,300 BTC, worth $157 million, on Oct. 19.
Increasing exchange outflows usually hint at a lower selling pressure. However, short-term profit-taking would still be expected since the BTC price is close to its all-time high of $73,750.
Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours. Its market cap is sitting at $1.35 trillion with a daily trading volume of $13.8 billion — down by 55%.
A declining trading volume could potentially bring lower price volatility for the leading asset.
Ethereum whales accumulated the asset as it surged above the $2,600 mark despite a notable increase in exchange inflows, triggering mixed signals.
According to data provided by IntoTheBlock, the Ethereum (ETH) large holder inflow almost doubled over the past week—registering a net inflow of 97,220 ETH on Oct. 15 which is worth roughly $254 million at the current price point.
Large holder net flows – Oct. 16 | Source: IntoTheBlock
An increase in an asset’s whale net flow shows accumulation and vice versa, per ITB.
Meanwhile, the Ethereum exchange net flows also shifted from a net outflow of 5,700 ETH on Oct. 13 to a net inflow of 15,000 ETH yesterday. This movement shows that investors are aiming for short-term profits.
On-chain data shows that ETH registered an exchange net inflow of $8.88 million over the past week.
This shift would be considered normal given that the ETH price rose from the 2,400 zone and surpassed $2,600 after two weeks of bearish consolidation.
The chart shows major profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday as Ethereum quickly plunged from its local high of $2,685 to $2,540. Roughly $16.6 billion was wiped from the ETH market cap within an hour.
Despite the increased short-term profit-taking, ETH is still hovering above the $2,600 mark at the time of writing. The leading altcoin has a market cap of $313 billion with a daily trading volume of $22 billion.
Ethereum is still lacking a strong catalyst to continue its upward momentum. The U.S.-based spot ETH exchange-traded funds have also been performing poorly. These investment products recorded a net outflow of $12.7 million on Oct. 15 while the spot Bitcoin (BTC) ETFs saw a net inflow of $371 million.
Per a crypto.news report, the Australia-based Monochrome Asset Management launched the first spot ETH ETF in the country on Tuesday. The fund currently has only $272,908 in total net assets.
The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high.
EigenLayer (EIGEN) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits.
At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its launch.
According to data provided by IntoTheBlock, over 4.6 million EIGEN tokens entered centralized exchanges on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its ATH.
EIGEN price and exchange net flows – Oct. 9 | Source: IntoTheBlock
Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that EIGEN whales have also started to accumulate the asset and drive the price upwards.
Moreover, EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone.
According to data from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then.
EIGEN’s 1H chart showed a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases.
A large crypto whale decided to accumulate more Bitcoins despite standing in a huge loss as the asset’s price remains below $63,000.
According to an X post by Lookonchain, this whale, “1L7g……xeTs,” accumulated 750 Bitcoins (BTC), worth $46.8 million, from Binance over the past day. This is the first transaction recorded by the whale in over six months.
The giant whale with 10,158 $BTC($681M) accumulated 750 $BTC($46.8M) from #Binance again today after being dormant for 6 months!
The whale extended their Bitcoin holding to 10,908 BTC, worth $681 million at the current price, per Lookonchain.
Lookonchain’s X post suggests that the whale bought a total of 10,158 BTC at an average price of $67,026 over six months ago from Binance, the largest cryptocurrency exchange by trading volume.
This whale is currently witnessing a loss of roughly $46 million on their Bitcoin holdings as the flagship cryptocurrency consolidates below the $63,000 mark.
Notably, this is not the only whale to accumulate at this time. Per a crypto.news report on Oct. 7, the number of addresses holding over $1 million worth of BTC increased by 2,000 between Sept. 29 and Oct. 2.
According to data provided by IntoTheBlock, Bitcoin recorded a total of $109.96 billion in whale transactions consisting of at least $100,000 worth of BTC over the past seven days. The whale activity started to increase on Oct. 5 as the broader crypto market gained bullish momentum.
BTC price and exchange net flows – Oct. 9 | Source: IntoTheBlock
Data from ITB also shows a net outflow of 2,620 BTC from centralized exchanges on Oct. 8. The indicator hints at an accumulation trend as the market-wide selloff cools down.
Bitcoin is down 0.3% in the past 24 hours and is trading at $62,400 at the time of writing. Its market cap is holding above the $1.2 trillion mark with a daily trading volume of $27 billion.
The number of large Bitcoin holders has been growing as the geopolitical tension in the Middle East cools down.
Whale addresses holding over $1 million in Bitcoin (BTC) declined from 111,906 to 107,835 between Sept. 29 and Oct. 2, according to data provided by Glassnode. The selloff was majorly triggered on Oct. 1 as Iran launched a missile attack on Israel.
Per data from Glassnode, these whale addresses soon started to rise — reaching 109,921 unique wallets on Oct. 6 — as the tension in the Middle East cooled down.
The broader crypto market also recorded impressive gains over the weekend. According to a crypto.news report, the global cryptocurrency market cap increased by 1.7% over the past day, surpassing the $2.3 trillion mark.
Bitcoin also gained 1.8% in the past 24 hours and is trading at $63,150 at the time of writing. Its market cap is sitting close to the $1.25 trillion mark with a daily trading volume of $21 billion.
Last week, the BTC price plunged below the $60,000 zone as the Biden administration showed support for Israel potentially hitting Iran’s oil facilities.
Bitcoin’s price rally triggered increased liquidations. Per data from Coinglass, the total crypto liquidations reached $162 million, with BTC leading the chart with $37 million in liquidations — $24.3 million in short and $12.8 million in long positions.
The large amount of liquidations can potentially trigger a price correction for Bitcoin as the market is seeing overbought conditions.
Notably, the U.S. Consumer Price Index report for September 2024 is expected to be released this Thursday, Oct. 10. The inflation report has proven to significantly impact financial markets like crypto.
If the inflation comes lower than the expected 2.2%, it’s likely to see another rate cut by the U.S. Federal Reserve which could potentially bring bullish momentum to the market.
Bitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff.
Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.
Right after the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum.
Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion.
According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.
BTC whale net flows – Oct. 6 | Source: IntoTheBlock
Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility.
Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise.
It’s important to note that macroeconomic events and geopolitical tension can suddenly change the direction of financial markets, including crypto.
Popcat emerged as the top gainer this week, driven by improved trader sentiment and a sharp rise in its futures open interest.
Popcat (POPCAT) rose over 35% in the last seven days, hitting a new all-time high of $1.26 on Oct. 5. Most of these gains came within the last 24 hours. the token rose 20.6% from its intraday low of $0.98.
The Solana-based token was also up 112% over the past month, making it the second-largest gainer among the top 100 cryptocurrencies, boasting a market cap exceeding $1.2 billion, according to CoinGecko.
One of the key bullish arguments for Popcat is its widely distributed ownership, with large holders controlling just 17% of the total supply per CoinCarp data.
The same cannot be said for its competitors like Bonk (BONK) and Shiba Inu (SHIB), which are far more concentrated, with the top 10 wallets holding 52% and 61% of the supply, respectively.
This makes Popcat less vulnerable to “whale” manipulation and offers a more stable, balanced trading environment.
Bulls remain in control
The coin’s futures open interest is up 344% to a record $191.11 million, signaling that traders are heavily positioning for further price gains.
On the 1D POPCAT/USDT chart, the recent price action has pushed the token above the upper Bollinger Band, currently at $1.865, confirming the strong upward momentum.
However, this also means that the token has reached an overbought zone. This is reinforced by the Commodity Channel Index spiking to 222.2, well above the 100 threshold that indicates overbought conditions.
POPCAT price, Bollinger Bands and CCI chart | Source: crypto.news
Although these technical signals suggest the potential for a market correction, the token’s successful retest of the upper Bollinger Band earlier today reinforces the idea that bulls remain in control.
This could point to continued upward momentum in the short term, although traders should still exercise caution due to the overbought indicators.
Price predictions
Trader sentiment on X aligned with the technical outlook as market observers pointed out that Popcat was in price discovery, meaning the token could print new highs soon.
According to analyst Altcoin Sherpa, Popcat has broken out of a key trading range, adding that as long as the price of Bitcoin remains stable, the upward trend could continue, potentially targeting the $2 mark. See below.
once a coin breaks out of the range, you want to see continuation. Ofc this is going to depend on $BTC but I think that $POPCAT still looks strong. wouldn’t be surprised to see it go to like $2 or something to be honest pic.twitter.com/23EIHzmqsS
Another observer, Murad, offered an even more bullish outlook, predicting the meme coin could reach a price target of $5, a 300% surge from its current level of $1.24.
Meanwhile, another pseudonymous analyst, ‘TraderSz,’ noted that POPCAT breached a key resistance level of around $1.20 and is now heading towards the next major resistance at $1.50.
At the time of writing, Popcat was trading at $1.24. While it remains to be seen if the meme coin can hold this level, community sentiment appears optimistic, with data from CoinMarketCap showing that 69% of traders, out of 4,473 votes, are bullish on its future prospects.
As previously reported by crypto.news, crypto analysis firm Cryptonary predicted that Popcat could reach a price target of $40 during the current bull run, driven by strong community support, the so-called “meme coin supercycle,” and its growing prominence in the Solana ecosystem.
The creator of the Popcat meme coin hasn’t been explicitly named. The token’s popularity stems from a meme of a cat named Oatmeal chirping at a bug. The video, featuring alternating images of Oatmeal with its mouth open and closed, quickly turned into a GIF.
It eventually went viral. Students from the University of Sheffield in England created a Popcat-inspired game that revolves around clicking an image of Oatmeal to generate points.
Bitcoin price retreated for four consecutive days as the crypto fear and greed index moved back to the fear zone and as geopolitical risks rose.
Bitcoin (BTC) fell to $60,200, its lowest level since Sep. 18, and 8% below its highest level last week.
The current weakness is taking place as investors embraced a risk-off sentiment amid growing geopolitical tensions after Israel pledged to retaliate for Tuesday’s attacks.
Risky assets like the Dow Jones, S&P 500, and Nasdaq 100 indices continued their recent sell-off, while bond yields rose. The US dollar index also rose to $101.50, its highest level since Sep. 13.
Bitcoin also retreated as some whales continued selling their holdings. One of the top sellers was Ceffu, which withdrew 3,372 coins worth $211.3 million. The account has been selling Bitcoin, Ethereum (ETH), Solana (SOL), and Avalanche (AVAX). According to Arkham, the entity has assets worth over $2 billion
Another investor sold 265 Bitcoins for $17.5 million last week. He acquired those coins for $6.2 million two years ago, making $11.5 million profit.
According to Santiment, the current reversal is happening because of the increased sentiment on the coin in social media. In most cases, Bitcoin tends to drop when there is so much enthusiasm among social media users.
Meanwhile, the crypto fear and greed index has dropped to the fear zone of 39, down from last week’s high of 60.
On the positive side, October is often a strong month for Bitcoin, with average returns of 20.6%. It is then followed by November, where the average returns are over 46%.
The key catalysts that may push it higher are more Federal Reserve rate cuts and the end of the American election period.
Technically, the coin also pulled back after hitting key resistance at $66,000. This is a notable price as it connects the highest swings since March this year. In a note, Peter Brandt, a well-known trader, mentioned that a clear breakout will be confirmed if it flips that resistance and then rises above the all-time high.
The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. $BTC Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force pic.twitter.com/lFO9A20VPD
On the positive side, it has remained above the 50-day and 200-day moving averages and formed an inverse head and shoulders pattern. Therefore, there is a likelihood that it will bounce back in the coming days.
