First Mover Americas: Bitcoin Little Changed After Teasing All-Time High

Spot bitcoin ETFs recorded their third-highest inflows on Tuesday, adding more than $870 million. Total trading volumes crossed $4.75 billion — the highest since March — with BlackRock’s IBIT accounting for $3.3 billion alone. Bloomberg ETF analyst Eric Balchunas said he expects bigger inflow figures in the coming days. “$IBIT traded $3.3b today, biggest number in 6mo, which is a bit odd bc btc was up 4% (typically ETF volume spikes in a downturn/crisis),” Balchunas wrote on X. “Occasionally tho volume can spike if there a FOMO-ing frenzy. Given the surge in price past few days, my guess is this is latter, which means look for big inflows this week.”

The Bhutan government, which holds over $900 million worth of bitcoin, moved a chunk of its holdings to exchanges on Tuesday, sparking speculation that it is on the verge of selling some of its stash in a move that may weigh on market prices. Bhutan’s BTC movements are part of a broader trend of profit-taking among whales as the cryptocurrency’s price approaches the record high set in March. As more holders move into profit and look to lock in gains, their market activity may slow the climb toward the record, CoinDesk research noted earlier this month. Even though realized profit in bitcoin peaked on Oct. 8 and has started to slow down, which is a positive development, there remains higher profit-taking than the yearly average.

Trending Posts

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

have been updated

.

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

editorial policies.

CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.