Bitcoin, Ethereum Flat, But Dogecoin Spikes: ‘Veteran Holders Are Not Selling Bitcoin,’ Analyst Highlights
By Benzinga
Cryptocurrency markets are trading relatively flat, with Dogecoin the notable bullish exception.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $68,231.5 | +1.3% |
| Ethereum (CRYPTO: ETH) | $3,498.7 | +0.15% |
| Solana (CRYPTO: SOL) | $81.56 | +3% |
| Dogecoin (CRYPTO: DOGE) | $0.142 | +6.95% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001786 | +0.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume dropped by 16% and daily active addresses declined by 12.6%. Exchange netflows decreased by 118.3%.
- Coinglass data shows 43,399 traders liquidated in the past 24 hours for $111.4 million. Bitcoin’s open interest spiked to $37 billion highest since June 11.
- Crypto chart analyst Ali Martinez cited a CNBC interview where it is indicated that Bitcoin could be the U.S. reserve currency.
- In another tweet, Martinez noted whales are buying and hodling Bitcoin again. He sees a major shift from Bitcoin distribution to accumulation.
Notable Developments:
- Hong Kong Launches Asia’s First Bitcoin Futures Inverse Product
- Shorting BTC Before Trump’s Bitcoin Conference Speech Is A Dangerous Game: 10x Research
- President Biden’s Exit Followed Nearly $80M In Wagers On Crypto Prediction Market Polymarket
- Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled
- Trump Fundraiser At Bitcoin Conference Reaches $845K Asking Price Per Seat
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| cat in a dogs world (CRYPTO: MEW) | $0.008241 | +17.2% |
| Celestia (CRYPTO: TIA) | $7.54 | 14.8% |
| Dogwifhat (CRYPTO: WIF) | $2.87 | 11.4% |
Trader Notes: Cryptoquant Founder & CEO Ki Young Ju, in his latest post, highlighted that bull market investors (holders of 6 months to 2 years) offloaded most of their Bitcoin as it approached its earlier all-time high.
He adds, “If you’re selling Bitcoin now, you likely haven’t held it for over 3 years, as veteran holders aren’t selling.”
CrypNuevo discussed Bitcoin’s future trajectory in the context of liquidations.
Crypto chart analyst Ali Martinez thinks Bitcoin is “breaking through multiple trend lines in the hourly chart.” In another tweet, he points to a crucial support level for Bitcoin is “between $63,440 and $65,470, where 1.89 million addresses bought 1.23 million BTC.”
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.
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Image: Shutterstock
