- Bitcoin whale activity has dropped significantly, with large-holder net inflows falling from 38,800 BTC to 258 BTC between October 20-26
- The Bitcoin price has stabilized around $67,000 with a market cap of $1.33 trillion
- Crypto liquidations decreased by 85% to $59 million, showing balanced long and short positions
- US-based spot Bitcoin ETFs maintained strong performance with over $3 billion in net inflows this month
- The upcoming US presidential election between Harris and Trump is causing uncertainty among large Bitcoin holders
Bitcoin whale movements have significantly decreased as the united States presidential election draws closer, with the cryptocurrency’s price consolidating around $67,000.
Data from IntoTheBlock shows that Bitcoin large-holder net inflows experienced a dramatic decline from 38,800 BTC on October 20 to just 258 BTC on October 26. The data suggests growing caution among major holders ahead of the November 5 election.
Market Activity Slowdown
The market witnessed net outflows of 4,750 BTC and 533 BTC on October 21 and 22, respectively, pushing Bitcoin prices temporarily below $66,000 on October 23.
According to Coinglass, crypto liquidations have fallen by 85%, totaling approximately $59 million. The market shows balanced positioning with $28.7 million in longs and $30.5 million in shorts.
Bitcoin’s daily trading volume has decreased by 63% over the past 24 hours to $15.5 billion, while maintaining a total market capitalization of $1.33 trillion.
ETF Performance Remains Strong
Despite the slowdown in whale activity, US-based spot Bitcoin ETFs continue to show strength. These investment products have recorded over $3 billion in net inflows this month alone.
On Friday, spot Bitcoin ETFs attracted $402 million in net inflows, with BlackRock‘s iShares Bitcoin Trust ETF leading the charge at $292 million. The total net inflow for these ETFs has exceeded $22 billion, even with Grayscale’s $20 billion in net outflows.
Election Impact on Crypto Markets
The 2024 global “super election year” has heightened market sensitivity, particularly affecting cryptocurrency markets and whale behavior.
In the United States, the contest between Vice President Kamala Harris and Ex-President Donald Trump has created uncertainty regarding future crypto Regulations. Harris has pledged to reduce “needless bureaucracy and unnecessary regulatory red tape” for cryptocurrencies if elected.
Trump has taken a different approach, engaging with crypto billionaires, promoting NFTs, and proposing a “Bitcoin and Crypto Advisory Council.”
Global Election Impact
The election cycle extends beyond the US, with major votes occurring in India, Mexico, Indonesia, and Taiwan. This widespread political activity has led to increased market uncertainty.
Some investors view Bitcoin as a hedge against potential currency risks tied to election outcomes and political instability. Large holders might adjust their positions based on expectations of post-election market volatility or potential regulatory changes.
The current whale behavior suggests a cautious approach, with large holders potentially preparing for various election outcomes and their impact on the crypto market landscape.
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