- IntoTheBlock data shows large transaction volume decreasing by 6.9% and daily active addresses growing by 1%. Transactions greater than $100,000 are down from 6,165 to 5,104 in a single day. Exchanges netflows are down by 80%.
- Coinglass data reports 61,029 traders were liquidated in the past 24 hours for $234.09 million. Crypto short liquidations stand at $181 million, the highest since Aug. 5.
Notable Developments:
Trader Notes: With Bitcoin prices crossing the $65,000 mark, Santiment data pointed out that the rise has prompted traders to seek opportunities in the GameFi and memecoin sectors, with discussions around these altcoins increasing.
Historically, this signals growing bullish sentiment. After a five-week market rally, slight FOMO may continue, with speculative assets gaining attention until a correction shifts sentiment back to fear.
Crypto trader Stockmoney Lizards sees Bitcoin entering the FOMO zone.
Crypto trader Kevin detailed that while Bitcoin’s recent move is positive, it still needs to break $74,000 and $78,000 on a logarithmic scale before higher prices can be considered. The trader emphasizes caution and believes the current market movement is tied to polling and betting markets suggesting a Trump election victory.