The volume of BTC in profit remains high. Sustaining a high level of BTC in profit is an important indicator of whether the market is in a bull cycle. Looking back at past cycles, the volume of BTC in profit mostly remained above 80%.

Of course, there were moments when it fell below 80% (red circles), but those were buying opportunities at the lows.

In the current bull cycle, it has mostly remained above 80%. This past summer saw it drop below 80% several times, but so far, these dips have been buying opportunities.

Coin of the day by market sentiment is HyperGPT ($HGPT).

Bitcoin Magazine: The #Bitcoin Short Term Holder MVRV indicator has just turned bullish, indicating a potential sustained period of positive price action for #BTC.

Analyst: If short-term speculators reduce the supply by 80,000 BTC, it will be significantly easier for the market to form a new bullish trend. In other words, stop flooding the exchanges with supply for two weeks.

CryptoPunk #1563 was purchased for 24,000 ETH ($56,292,000.00 USD).

IMF: If you want to get our money, you'll have to stop buying Bitcoin every day.

Bukele:

Santiment: Keep an eye on the following crypto projects that have significantly increased the number of whale transactions over the past week compared to their whale activity in the previous week.

This uptick in large transactions may indicate heightened interest or accumulation by large holders, which can often signal future price movements or shifts in market sentiment.

CryptoQuant: Some altcoins with real value are not growing due to regulatory hurdles.
They can generate revenue but do so very cautiously.

For example, if Uniswap's fee switch were activated, its treasury could hold $314M. Currently, $408M worth of $UNI is held on centralized exchanges. If the treasury were used for buybacks, prices could potentially surge 10x-100x, depending on the order book depth.

In 2024, 285 days have passed. If a Bitcoin bull market does not occur in the next 14 days, this will be the longest sideways trend in a six-month period in history.

In recent months, the transaction volume on Base has grown to 40-60% of the total volume among the three Layer 2 blockchains.

Santiment: Yesterday saw a significant increase in discussions about memecoins, driven by the rise of coins like Dogecoin and Bonk.

Markets typically correct when the focus shifts from top-tier assets to more speculative ones driven by greed. Unsurprisingly, we're seeing market-wide drops today.

MatrixOnTarget - Oct 18 report:
The $70,000 year-end target for Bitcoin is likely too conservative.

Miners' revenues have risen to a two-month high amid the recovery of BTC prices — Glassnode.
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BTC mining profitability increased in October after three consecutive months of decline — JPMorgan

The Bitcoin average profitability index currently stands at 202%, indicating that the price exceeds the realization price by two times. When the index rises above 300%, investors are likely to start actively taking profits.

U.S. Dollar Index $DXY

Cryptorank: Top 7 Layer 2 (L2) blockchains by active addresses over the past 30 days.

Tether has published a statement on its website addressing The Wall Street Journal. Company representatives described the journalists' publication about the investigation against Tether as "irresponsible," calling the accusations baseless and based on rumors and unnamed sources.

The WSJ article deliberately ignores documented facts of Tether's cooperation with law enforcement and instances of criminal wallet blocking, Tether noted.

MicroStrategy has grown by 1,711% since adopting Bitcoin in its corporate treasury, compared to the S&P 500, which grew by 75.5%, and Microsoft, which grew by 112%.

Upcoming Token unlocks in November

🇺🇸 Florida's Chief Financial Officer announced that the state holds $800 million worth of Bitcoin on its balance sheet.

Swift, UBS Asset Management, and Chainlink successfully completed a pilot project connecting tokenized assets to traditional payment systems.