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Journalist<\/p>\n<\/p><\/div>\n
Share this article<\/h4>\n<\/p><\/div>\n<\/p><\/div>\n\n\n- Whales\u2019 Bitcoin transfers fuel sell-off speculations.<\/span><\/i><\/li>\n
- Institutional commitment to BTC remains strong, overtaking retail.<\/span><\/i><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> is on the verge of making history yet again in 2024. AMBCrypto recently <\/span>reported<\/span><\/a> that this week would be crucial for dictating BTC\u2019s prospects, determining whether it would align with the cyclical trend and climb higher or lean toward the monetary outlook and decline.<\/span><\/p>\nWell, looks like the king coin has taken the former path. On the 29th of October, the leading cryptocurrency surged past the crucial $70,000 mark, for the first time since June.<\/span><\/p>\nIt reached a peak of $73,620 on <\/span>Binance<\/span><\/a>\u2014just over a hundred dollars shy of its <\/span>all-time high <\/span><\/a>of $73,777. At press time, BTC was exchanging hands at $72,350, up by approximately 2% over the past day.<\/span><\/p>\nThis impressive rally reignited bullish sentiment among investors. Yet, it also raised a pressing question: Will this breakthrough trigger a wave of profit-taking?<\/span><\/p>\nBitcoins Are BTC sell-offs coming?<\/b><\/h2>\n
Recent activity suggests potential sell-offs may be underway. According to <\/span>Lookonchain<\/span><\/a>, following Bitcoin\u2019s surge past $71,000, a whale wallet holding 749 BTC (worth $53.23 million) became active after remaining dormant for 12 years.<\/span><\/p>\nThis whale originally accumulated BTC back in 2012 when Bitcoin was priced at just $11, totaling an investment of $8,151 at the time. Now, it has transferred out 159 BTC ($11.32 million).<\/span><\/p>\nAnother major player potentially preparing to cash out is the Government of Bhutan. Blockchain intelligence platform Arkham Intelligence <\/span>revealed<\/span><\/a> that crypto wallets linked to Bhutan\u2019s Royal Government moved $66.55 million worth of BTC to Binance.\u00a0<\/span><\/p>\nNotably, their last exchange deposit was four months ago, in early July. At the time of writing, Bhutan held 12.47K BTC, valued at $904.34 million.<\/span><\/p>\n\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-30-at-11.44.51\u202fAM.png\")
<\/p>\n
Source: Arkham Intelligence<\/p>\n<\/div>\n
Bitcoins BlackRock doubles down on Bitcoin holdings<\/b><\/h2>\n
While sell-offs loom, BlackRock remained firmly committed to Bitcoin. As noted<\/a> by <\/span>Lookonchain<\/span>, the asset management giant purchased another 4,528 BTC worth over $322 million on 28th October.<\/span><\/p>\nFurthermore, in the past two weeks, BlackRock significantly expanded its Bitcoin holdings, <\/span>adding<\/span><\/a> 34,085 BTC to its portfolio. This addition was valued at approximately $2.3 billion.<\/span><\/p>\nThe latest purchase brought its holdings to 408,253 BTC, valued at a staggering $29.09 billion, signaling strong institutional interest in the asset.<\/span><\/p>\nBitcoins Where are the retail investors?<\/b><\/h2>\n
Despite Bitcoin\u2019s remarkable price performance, retail appeared to be sleeping on the asset. Google Trends <\/span>data<\/span><\/a> revealed that search interest for \u201cBitcoin\u201d scored just 17 out of 100, last week. At press time, the value was slightly up at 23.<\/span><\/p>\n\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-30-at-12.09.21\u202fPM.png\")
<\/p>\n
Source: Google Trends<\/p>\n<\/div>\n
- \n
- Whales\u2019 Bitcoin transfers fuel sell-off speculations.<\/span><\/i><\/li>\n
- Institutional commitment to BTC remains strong, overtaking retail.<\/span><\/i><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> is on the verge of making history yet again in 2024. AMBCrypto recently <\/span>reported<\/span><\/a> that this week would be crucial for dictating BTC\u2019s prospects, determining whether it would align with the cyclical trend and climb higher or lean toward the monetary outlook and decline.<\/span><\/p>\n
Well, looks like the king coin has taken the former path. On the 29th of October, the leading cryptocurrency surged past the crucial $70,000 mark, for the first time since June.<\/span><\/p>\n
It reached a peak of $73,620 on <\/span>Binance<\/span><\/a>\u2014just over a hundred dollars shy of its <\/span>all-time high <\/span><\/a>of $73,777. At press time, BTC was exchanging hands at $72,350, up by approximately 2% over the past day.<\/span><\/p>\n
This impressive rally reignited bullish sentiment among investors. Yet, it also raised a pressing question: Will this breakthrough trigger a wave of profit-taking?<\/span><\/p>\n
Bitcoins Are BTC sell-offs coming?<\/b><\/h2>\n
Recent activity suggests potential sell-offs may be underway. According to <\/span>Lookonchain<\/span><\/a>, following Bitcoin\u2019s surge past $71,000, a whale wallet holding 749 BTC (worth $53.23 million) became active after remaining dormant for 12 years.<\/span><\/p>\n
This whale originally accumulated BTC back in 2012 when Bitcoin was priced at just $11, totaling an investment of $8,151 at the time. Now, it has transferred out 159 BTC ($11.32 million).<\/span><\/p>\n
Another major player potentially preparing to cash out is the Government of Bhutan. Blockchain intelligence platform Arkham Intelligence <\/span>revealed<\/span><\/a> that crypto wallets linked to Bhutan\u2019s Royal Government moved $66.55 million worth of BTC to Binance.\u00a0<\/span><\/p>\n
Notably, their last exchange deposit was four months ago, in early July. At the time of writing, Bhutan held 12.47K BTC, valued at $904.34 million.<\/span><\/p>\n
\n<\/p>\nSource: Arkham Intelligence<\/p>\n<\/div>\n
Bitcoins BlackRock doubles down on Bitcoin holdings<\/b><\/h2>\n
While sell-offs loom, BlackRock remained firmly committed to Bitcoin. As noted<\/a> by <\/span>Lookonchain<\/span>, the asset management giant purchased another 4,528 BTC worth over $322 million on 28th October.<\/span><\/p>\n
Furthermore, in the past two weeks, BlackRock significantly expanded its Bitcoin holdings, <\/span>adding<\/span><\/a> 34,085 BTC to its portfolio. This addition was valued at approximately $2.3 billion.<\/span><\/p>\n
The latest purchase brought its holdings to 408,253 BTC, valued at a staggering $29.09 billion, signaling strong institutional interest in the asset.<\/span><\/p>\n
Bitcoins Where are the retail investors?<\/b><\/h2>\n
Despite Bitcoin\u2019s remarkable price performance, retail appeared to be sleeping on the asset. Google Trends <\/span>data<\/span><\/a> revealed that search interest for \u201cBitcoin\u201d scored just 17 out of 100, last week. At press time, the value was slightly up at 23.<\/span><\/p>\n
\n<\/p>\nSource: Google Trends<\/p>\n<\/div>\n
- Institutional commitment to BTC remains strong, overtaking retail.<\/span><\/i><\/li>\n<\/ul>\n