🐳 Referring to the Tuesday whale transaction highlighted by Lookonchain, our own metrics indicate a major spike in dormant activity on Bitcoin's network to pair with $37.4B in on-chain volume Tuesday, the most in 7 months. Historically, stagnant BTC moving back into regular circulation is a positive for future price movement.

🗣️ The top cryptocurrencies seeing abnormally high levels of trader interest to start the week include:

🪙 Bitcoin $BTC: Analysts and community members continue their optimism about "Uptober" and the potential for a bull run in 2024. There is also a growing institutional interest in Bitcoin, particularly with the anticipation of further spot ETFs.

🪙 Neiro $NEIRO: Large transactions involving whales swapping PEPE for NEIRO indicates a growing interest and investment.

🪙 Bitget Token $BGB: The asset experienced a drastic price drop of over 50% Monday. This sudden decline has raised concerns about market manipulation and liquidity issues, while the exchange is assuring compensation to traders and holders.

🐬 As crypto enjoys a positive Friday, we continue to see growth from the 'dolphin tier' of traders, holding between 0.1 to 10 BTC. After shrinking in number through most of 2024, since July 4th:

📈 0.1-1 BTC wallets: +25,671 More
📈1-10 BTC wallets: +4,013 More

😎 With Bitcoin retracing -9.2% since its $66.4K local high on September 27th, the crowd has cooled its excitement toward crypto considerably. This change in mood is encouraging, considering markets typically always move the opposite direction of the crowd's expectation.

📉 With crypto market caps continuing to sink Wednesday, many are associating the drops with the Iran and Israel conflict. The subject of war obviously goes far beyond cryptocurrency market analysis. But from a market perspective, we are seeing trader sentiment quickly turn from FOMO and FUD as a result.

📊 Based on previous recent instances of major real world conflicts, cryptocurrency prices saw initial drops, followed by major rebounds.

🇮🇱 🇵🇸 Israel & Palestine conflict: Oct. 7, 2023
📉Bitcoin -5% in first 4 days
📈Bitcoin +12% the following 9 days

🇺🇦 🇷🇺 Ukraine & Russia conflict: Feb. 23, 2022
📉Bitcoin -10% in first 1 day
📈Bitcoin +27% the following 6 days

📊 If you're awaiting Bitcoin's new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd's expectations.

🥳 Bitcoin's latest rise, now bringing its market value above $66K, has traders pumped. Although altcoins are the ones reflecting the biggest pumps this week, profit redistributions from BTC's past 3 weeks of rises are the primary reason.

Expect some testing of bulls' patience as sentiment has crossed into high FOMO (greedy) levels. This typically coincides with upcoming local tops. They may happen today, this weekend, or in the upcoming weeks, depending on how whales behave at these levels.

That said, don't expect to be able to rebuy at $50K or $60K without world economies beginning to show red flags of their own.

🐳📈 Bitcoin has officially reached a $65K market value for the first time since August 1st. Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08B in BTC has been accumulated by 10+ BTC wallets in 6 months.