🐳 Bitcoin's whale wallets, which we can define loosely as 100 or more BTC, have grown by 297 wallets (+1.9%) in just the past 2 weeks.

🐟 During the same timeframe, the amount of wallets with under 100 BTC has shrunk by 20,629 wallets (-0.1%).

📈 As the largest key stakeholders in crypto continue to scoop up more coins from dumping retail traders, this historically leads to bullish outcomes.

🐻 Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:

1 Chainlink $LINK
2 Bitcoin $BTC
3 Goatseus Maximus $GOAT
4 Dogecoin $DOGE
5 Ripple $XRP
6 Pepe $PEPE
7 Filecoin $FIL
8 ShibainuCoin $SHIB
9 Eigenlayer $EIGEN
10 BuildOnBeam $BEAM

Cryptocurrency is still very much a speculative sector, even for the most established projects. Markets typically move the opposite direction of the crowd's expectation, meaning the bearish narratives surrounding these coins can lead to rewarding results for those willing to go against the crowd selloffs that are beginning to mount.

🗣️ The top trending topics revolving around crypto social media include:

🍔 #McDonald: Humorous and critical perspectives on Donald Trump's visit to McDonald's, and memecoin speculation revolving around it

🐵 #Apecoin: +63% price pump of the memecoin, and future price targets reflecting a bullish sentiment among traders, particularly coinciding with the launch of ApeChain

🪙 #Bitcoin: Target prices and predictions of how close crypto's top asset is to breaching its March All-Time High, let alone a return above $70K

🐳 Bitcoin's number of whales grew substantially just as its value was bottoming out around $59K on October 10th. Between October 10th and 13th, there was a net rise of +268 more wallets holding between 100-1K BTC, likely playing a part in this bull rally.

📉 There was a major increase in memecoin discussions yesterday as coins like Dogecoin and Bonk were surging. Typically, markets correct when focus shifts away from layer 1's and toward more speculative assets due to greed. Today, unsurprisingly, market-wide dips are occurring.

🐳 Bitcoin's whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well.

🗣️ Additionally, conversations across social media have veered heavily toward BTC over altcoins, with crypto's top asset making up over a quarter of all discussions. Traders are heavily on prices after exceeding $68K for the first time since July.

Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. However, with mid and long term metrics still looking bullish, any price correction would likely be a short one. 👍

📈📉 $70K Bitcoin may still be in crypto's near future, but the rally toward this coveted price level quickly pumped the brakes after a bullish sentiment outbreak from the crowd Tuesday.

🤓 Data on Santiment continues picking up bottoms forming on high frequencies of $50K-$59K BTC mentions across social media, and tops forming on high frequencies of $70K-$79K BTC mentions.

📊 Friendly reminder that markets move, and will continue to move, in the opposite direction of the way the majority of the crowd is predicting. Think independently, and avoid the 'crowd think' traps.

🔗 Here's the link to this chart to track this type of crowd hype & fear any time!

📊 Crypto markets are extra volatile today as Bitcoin has ranged between $67.8K and $64.8K in just the past 2.5 hours. Crowd sentiment is still firmly bullish toward Bitcoin (seeing 2x the bullish comments for every bearish one). Solana's traders are notably euphoric as well.

🧐 Following up on the massive Bitcoin on-chain transaction volume from dormant wallets we identified on Tuesday, the primary reason for this spike was due to BitGo moving their assets ("proof" of Wrapped Bitcoin). Though fascinating to see this anomaly, the mild rebound back to $63K was not ignited by these older wallets becoming active. Examples of these transfers are below:

👉 https://mempool.space/address/bc1qa0mxdj0yehl3m99c8tsgepmngz0a0yf96v9al3ejyvla97hysjdsgzj59x

👉https://mempool.space/address/bc1qq7m25904sfa4qn0na5gfssltjdmxwuvqxfl73dunza4s4cysqh7ssale4g

👉https://mempool.space/address/bc1q20mxuuv6ta5uy6m3s34lzwgs6p4qme4wyvv9y2cawd8a45y84susw2c9rk

🧐 Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity. The narrative flipped to bullish particularly after the US CPI report announced slightly higher inflation, with rate cuts still likely.