Crypto Markets News: Major Whale Activity in Bitcoin Amid Election Volatility

Wednesday, 6 November 2024, 04:45

Crypto markets news reveals that large investors, or crypto whales, bought $133 million worth of Bitcoin as the US presidential election sharpens market volatility. This substantial move indicates enhanced confidence in BTC's future amidst uncertainty. The withdrawal of 1,807 BTC into new wallets might suggest a strategy to hold long-term, impacting available supply on exchanges.
LivaRava_Crypto_Default.png
Crypto Markets News: Major Whale Activity in Bitcoin Amid Election Volatility

Crypto Whales Withdraw $133 Million in Bitcoin from Binance

According to Spot On Chain, large-scale investors have collectively withdrawn around $133 million worth of Bitcoin from Binance in a single day. This notable accumulation by whales appears to reflect growing confidence in Bitcoin's resilience despite the current price swings.

Election Day Volatility and Its Impact on the Crypto Market

The US presidential election has sparked elevated volatility across global markets, including cryptocurrency. Election day alone saw market turbulence as investors assessed potential impacts on regulatory policies, interest rates, and the overall economic environment. In the case of Bitcoin, it has led to significant liquidations across the board.

  • According to Coinglass, election-day volatility triggered a staggering $557 million in liquidations, affecting traders who held leveraged positions.
  • This wave of liquidations highlights the risks associated with high leverage in volatile periods, particularly when political events add to market unpredictability.

Bitcoin prices dipped briefly, reflecting this volatility, though prices have shown signs of resilience amid buying activity by whales.

Short-Term Volatility in the Bitcoin Market

According to Bitfinex analysts, Bitcoin options' implied volatility is currently in the low 40s, indicating that market participants are not very confident in big price changes. Bitcoin exchange-traded funds (ETFs) have felt the impact, with notable outflows also observed between November 1 and 4.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Subscribe to our newsletter for the most current and reliable cryptocurrency updates. Stay informed and enhance your crypto knowledge effortlessly.

Subscribe