Bitcoin Plummets And Loses 2 Billion Dollars In A Day

Bitcoin falters. Following a recent euphoria, it has just fallen below $69,000, spreading panic among investors. This plunge has an immediate effect on general sentiment: many are withdrawing, anticipating potential new upheavals. The approach of the American elections increases the tension, and signals from the whales, those market giants, appear to signal a very uncertain calm. But what is truly going on?

Bitcoin Traders: The Flight from Positions and the Wait for the Storm

The latest Bitcoin news show that traders are on high alert. With a drop of $2 billion in open interest, investors are massively closing their positions. Why? Uncertainty looms, exacerbated by the upcoming American elections.

This drop in open interest is generally synonymous with caution and, in this specific case, maximum caution. We are witnessing a withdrawal game where everyone is waiting for the next market move.

Key figures:

• $2 billion 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 are no longer rushing to take risks. The excitement of last month has given way to a strategy of observation, where everyone is watching for the end of the elections to anticipate a rebound… or an even sharper drop in the Bitcoin price.

“Better safe than sorry” seems to be the mantra of traders who, for the moment, are stepping back while awaiting the outcome of the electoral duel.

BTC Whales Receding: Do They Know Something?

The whales, those influential players in the crypto market, have also curbed their zeal. Usually fond of large fund movements, they are opting for patience. Their strategy? Waiting for the market to stabilize to avoid provoking volatility that could work against their interests.

Indeed, a heavy silence has settled: no major transactions for now, no dramatic interventions.

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

As we know, whales have the power to turn the tide as soon as a sign of weakness appears. But for now, it is a time of waiting, and the precarious calm may very well be only the prelude to a storm.

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