The Bitcoin options market is witnessing record volatility levels, reaching the highest point since April, according to Glassnode.
This spike suggests that traders are bracing for potential major price swings, reflecting an atmosphere of intense anticipation and uncertainty as Bitcoin navigates turbulent market conditions.
BTC options market volatility has hit record highs, the fiercest since April, according to Glassnode.
This spike signals intense anticipation and uncertainty, with traders gearing up for potential major price swings.
Keep your eyes peeled as Bitcoin navigates this stormy market… pic.twitter.com/zKO9F73Tsp
— Kyledoops (@kyledoops) November 4, 2024
Adding to the market’s uncertainty, Bitcoin is seeing a substantial reduction in active wallets. Over the past three weeks, there’s been a drop of 211,500 non-empty Bitcoin addresses—a sign of Fear, Uncertainty, and Doubt (FUD) often preceding bullish price rebounds. Meanwhile, Santiment reports an 11,600 drop in USDC wallets over a single day this past weekend, indicating fluctuating stablecoin activity.
Interestingly, Dogecoin wallets are on the rise, with an increase of 46,400 in just a week, suggesting speculative interest in memecoins, even after last week’s peak.
📊 As traders wait for clarity in crypto markets, Bitcoin has been seeing a notable decline in the amount of non-empty wallets. 211.5K less addresses exist compared to 3 weeks ago, a strong sign of FUD that typically is associated with future bullish price performances.… pic.twitter.com/8JR0sunIXO
— Santiment (@santimentfeed) November 4, 2024
In a significant move, Mt. Gox recently transferred 32,371 BTC (valued at $2.19 billion) across three new wallets.
Over the last four days, a total of 32,871 BTC ($2.22 billion) has been moved, including 296 BTC ($20.13 million) sent to B2C2 and OKX, leaving around 12,006 BTC ($810 million) in known Mt. Gox wallets.
🚨 Mt. Gox transferred another 32,371 $BTC ($2.19B) to 3 new wallets in the last 2 hours.
Over the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX.
Currently, there remain 12,006 $BTC… pic.twitter.com/L3ZQZLpnDR
— Spot On Chain (@spotonchain) November 5, 2024
Bitcoin Spot ETFs Market Recorded Notable Outflows
The U.S. Bitcoin ETF market has also been impacted, with a record outflow of $540.9 million on November 4—just before the U.S. election and marking the second-largest outflow on record.
Notable funds like 21Shares (ARKB) and Bitwise (BITB) experienced significant withdrawals, though BlackRock’s ETF (IBIT) saw an inflow of 569 BTC ($38.6 million), hinting at continued institutional interest.
As Bitcoin faces this complex market phase with record volatility, substantial outflows, and shifting wallet behaviors, investors remain watchful, assessing whether these signals hint at an impending price rebound or further uncertainty ahead.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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