Bitcoin plunges and loses $2 billion in one day

Bitcoin is faltering. After very recent euphoria, it has just fallen below $69,000, sowing panic in the hearts of investors. This plunge has an immediate effect on general sentiment: many are withdrawing, in anticipation of further potential upheavals. The approach of the American elections is increasing tension, and the signals from the whales, these market giants, seem to announce a very uncertain lull. But what is it really?

Bitcoin Traders: The Flight of Positions and Waiting for the Storm

The latest Bitcoin news demonstrates that traders are on alert. With a $2 billion drop in open interestinvestors are massively closing their positions. For what ? There is uncertainty, exacerbated by the upcoming American elections.

Such a drop in open interest is usually synonymous with caution and, in this specific case, maximum caution. We are witnessing a withdrawal game where everyone waits for the next market movement.

Key figures:

• 2 billion dollars evaporated in open interest on bitcoin;
• More than 72,000 BTC generated in profits by whales at the end of October;
• A notable decline in large transactions since October 29.

In this context, traders no longer rush to take risks. The excitement of last month gives way to an observation strategywhere everyone is watching for the end of the elections to anticipate a recovery… or an even more pronounced fall in the price of Bitcoin.

« Prevention is better than cure » seems to be the watchword of traders who, for the moment, are taking a step back while awaiting the outcome of the electoral duel.

The BTC Whales in retreat: do they know anything?

The whales, these influential whales of the crypto market, have also slowed down their ardor. Usually followers of imposing fund movementsthey opt for patience. Their strategy? Wait for the market to stabilize so as not to risk causing volatility which could work against their interests.

In fact, a heavy silence has settled in: no more major transactions for the moment, no more sensational interventions.

The whales discreetly monitor the movements of small investors, who often seem more vulnerable to fluctuations linked to political events. Their withdrawal could well indicate that the crypto market is on standbybefore a sudden awakening once the election results are known.

Because we know, whales have the power to turn the tide as soon as a sign of weakness appears. But for now, it’s time to wait, and the precarious calm that reigns could well be only the prelude to a storm.

So, while selling pressure remains strong, some analysts fear a fall in bitcoin below $65,000. But two major factors could reverse this trend: FED policy and tomorrow’s American elections, likely to electrify the market.

Micaiah A.

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it