Bitcoin, Ethereum, Dogecoin Reverse Gains: ‘Another Boring Day On Bitcoin,’ Says Trader
By Benzinga
Cryptocurrency markets are trading lower despite bullish indicators like positive spot Bitcoin ETF flows, the surge in exchange netflows and a spike in whale transactions.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $61,800.59 | -2.3% |
| Ethereum (CRYPTO: ETH) | $3,408.61 | -1.8% |
| Solana (CRYPTO: SOL) | $152.30 | +3.3% |
| Dogecoin (CRYPTO: DOGE) | $0.1243 | -0.7% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001714 | -0.7% |
Notable Statistics:
- IntoTheBlock data notes a 5,254.5% surge in exchange net flows, an 84% increase in large transaction volume and a 33.7% expansion in daily active addresses. Transactions greater than $100,000 surged to 9,770 transactions on July 1 from 5,819 the previous day.
- Coinglass data notes Bitcoin liquidations at low levels, with long and short liquidations at $12.8 million and $4.1 million, respectively.
- Crypto chart analyst Ali Martinez noted that Bitcoin retail investors are returning with new Bitcoin addresses hitting a four-month high of 432,026.
- Bloomberg analyst Jeff Seyffart noted that the U.S. Bitcoin ETF group’s trading volume is on a downtrend. It has not been able to hit $3 billion since mid-May.
Notable Developments:
- Bitcoin To Hit $100K By US Election: Standard Chartered
- Iris Energy Secures $413M For Bitcoin Mining Expansion
- German Government Sells Another $17M In Bitcoin
- Robinhood Reportedly Considers Expanding Into Cryptocurrency Futures Markets
- Arthur Hayes Says ‘Bitcoin Is Superior, Whereas Gold Is Inferior’ — Here’s Why
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Pendle (CRYPTO: PENDLE) | $4.33 | -14% |
| Aave (CRYPTO: AAVE) | $90.9 | -8.3% |
| Bittensor (CRYPTO: TAO) | $260.29 | -8% |
Michaёl van de Poppe predicted a “mega bearish divergence on Bitcoin dominance chart” implying a reversal.
Titan Of Crypto, in his latest tweet, predicted that Bitcoin’s price target is at $123,000 based on a bullish cup and handle continuation pattern currently formed on the weekly timeframe.
Crypto investor Quinten Francois outlines Bitcoin’s growth trajectory after the fourth halving:
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
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