<\/p>\n
- \n
- Bitcoin broke through the $27,000-barrier on Sunday.<\/em><\/li>\n
- The price rip also bolstered its demand in the derivatives market. <\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/a> blasted past $27,000 in the last 24 hours, as market participants braced for a continued upward trend.<\/p>\n
\nRead\u00a0Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n
\nThe king coin kept moving northwards until it faced strong resistance at $27,900, data from CoinMarketCap<\/a> showed. At the time of writing, BTC exchanged hands at $27,724, but hopes of the coin gaining bullish strength in the wake of recent legal wins<\/a> remained high.<\/p>\n
Whales accumulate Bitcoin<\/h4>\n
With the SEC deciding against the appeal in the keenly watched case against digital asset manager Grayscale Investments, expectations of a Bitcoin spot ETF becoming a reality have become higher than ever. Probably, this played on the minds of whale investors as well.<\/p>\n
As per a recent post by on-chain sleuth Ali Martinez, the user cohort having 100-1,000 coins in their wallets accumulated roughly 117 BTCs since the aforementioned development. At going market rates, the newly added supply amounted to $3.24 million.<\/p>\n
\n
#Bitcoin<\/a> whales bought around 117 $BTC<\/a> in the past 48 hours, worth roughly $3.2 million. pic.twitter.com\/Aoshmy0r4D<\/a><\/p>\n
\u2014 Ali (@ali_charts) October 15, 2023<\/a><\/p>\n<\/blockquote>\n
A widely observed phenomenon in financial markets is smart-money investors using the consolidation phase of a fundamentally strong asset to add to their existing stashes.<\/p>\n
Spot ETFs, which could potentially drive greater capital infusion into Bitcoin and the wider market, were seen as the next big thing.<\/p>\n
Elements of doubt<\/h4>\n
However, despite the positive developments, there remained concerns about Bitcoin\u2019s next movements. In a separate post, Ali Martinez highlighted that long-term holders (LTH) of the king coin had qualms about a BTC price correction in the short-term, according to NUPL reading.<\/p>\n
Note that NUPL (Net Unrealized Profit\/Loss) specifically looks at the difference between u<\/span>nrealized profit<\/span><\/span> and u<\/span>nrealized loss. This<\/span><\/span> is done to determine whether the network as a whole is currently in a state of profit or loss.<\/span><\/p>\n
\n
#Bitcoin<\/a> long-term holders are exhibiting “fear” amid concerns of a significant $BTC<\/a> price correction! pic.twitter.com\/7Zqkygibqd<\/a><\/p>\n
\u2014 Ali (@ali_charts) October 15, 2023<\/a><\/p>\n<\/blockquote>\n
\nIs your portfolio green? Check out the\u00a0BTC Profit Calculator<\/a><\/p>\n
\nSpeculative interest jumps<\/h4>\n
Bitcoin\u2019s price rip also bolstered its demand in the derivatives market. Open Interest (OI) in Bitcoin Futures contracts jumped 5% to $11.67 billion in the last 24 hours, as per Coinglass. In fact, a sustained increase was observed ever since the SEC vs. Grayscale development last Friday.<\/p>\n
- The price rip also bolstered its demand in the derivatives market. <\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Exchange-BTC.jpg\")
<\/a><\/p>\n![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTC-Long-Short-ratio.jpg\")