Bitcoin and Ethereum were struggling at the end of October, creating fear, doubt, and uncertainty in large holders.
BitcoinBTC( ) fell 1.75% over the last 24 hours, and currently trades at $68,500. The market capitalization of the company is $1.35 trillion with $23 billion in daily volume.
According to data provided by IntoTheBlock, the daily amount of whale transactions, consisting of at least $100,000 worth of BTC, have started to decline with the asset’s price fall—plunging from $67.8 billion on Oct. 29 to $21.1 billion on Nov. 2.
EthereumETHThe leading altcoin () recorded an identical momentum as Bitcoin. ETH has fallen 2.2% in the last day, and currently trades at $2.450. Market cap hovers around $300 billion.
The value of large Ethereum transactions has also fallen from $8.2 billion in Oct. 29, to $2.5billion yesterday.
When whales are declining rapidly, it is usually a sign of FUD or a market panic.
There are two main reasons for this.
The uncertainty around the U.S. presidential electionsOn November 5,.
In a report published on Friday, Ryan Lee is the chief analyst of Bitget Research. told Crypto.news is the latest news in crypto “market is anticipating that the future administration, whether led by [Donald] Trump or [Kamala] Harris, might adopt a friendlier stance toward the cryptocurrency sector.”
A second reason may be that the spot BTC exchange traded fund began to experience outflows as of Nov. 1, 2018. A report from crypto.news stated that these U.S. based investment products experienced a net outflow On Friday, $54.9 Million was spent.
On the same day, Spot ETFs that hold ETH also experienced a net withdrawal of $10.09 millions.
These outflows followed seven consecutive days with inflows. These ETFs experienced a net increase of $5 billion during October.
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Source: crypto.news
