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Bitcoin and Ethereum holders rush to book profits before catastrophic price crash – FXStreet

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Ekta Mourya Ekta Mourya
FXStreet

Overall exchange activity of Bitcoin and Ethereum surges, analysts expect higher volatility in the two assets over the weekend. 
Analysts have noted massive volatility in Bitcoin and Ethereum prices in the past 24 hours. There is a notable spike in Bitcoin exchange inflow, nearly 3700 Bitcoins hit exchanges, and net exchange flow is positive. The influx is the largest since June 2019, and analysts had anticipated a spike in volatility in response to increased Bitcoin reserves on exchanges. 
This implies that traders have transferred Bitcoin to exchange wallets for profit-taking, ahead of the expiry of $1.8 billion BTC options. 
#Bitcoin just made history with its largest day of exchange inflow since June 19, 2019. These days are now tied for the largest inflow day of all-time, both with 1.68M $BTC flowing to exchanges on these respective days. Expect increased volatility. https://t.co/yzOHzqlrKW pic.twitter.com/dT3JbyDD2m
Bitcoin in whale wallets or addresses holding 100 to 10,000 Bitcoins is back in circulation as it hits exchanges and smaller wallets are accumulating. This may emerge as an unfavorable situation that leans towards an overall bearish outlook, based on Delphi Digital's latest report titled "Tether Grows, Whales Dump, and ETH Hash Rate at ATHs."
An altcoin analyst behind the Twitter handle @AltcoinSherpa has admitted to profit-taking in Ethereum and stated that he would resume buying in December. 
 
$ETH: This is my $ETHBTC chart and how I plan on playing these seasons. I think we still may have another few weeks of good times for #Altcoins but I'm playing it safe and taking profits around here and a bit higher. I'm selling into $BTC and will buy in Nov/Dec. #Ethereum pic.twitter.com/7hFo8VgYeJ
In the case of Bitcoin, traders are anticipating a pullback. Bitcoin options are expiring on the Deribit exchange on the last Friday of the month. $1.8 worth of calls are placed to short or sell Bitcoin at $50,000. 
If Bitcoin continues trading above $50,000, these traders will suffer losses when their positions are closed. 
FXStreet analysts have predicted that Bitcoin is likely to form a bull trap, lure traders into long positions ahead of the crash to $40,000.
 

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Solana price is looking top-heavy as it hovers below the $38.2 hurdle. Solend, a lending/borrowing platform voted to take control of a whale’s account to prevent a cascade of liquidation. Rejection at $38.22 and the fallout from this fiasco could trigger SOL to crash to $25.
Terra showed restraint and stayed above $1.69 even as BTC crashed below $18,000. LUNA price has been trading below the larger range since its breakdown on June 8. However, the recent surge in bullish momentum could push Terra up to retest the said level. 
Polkadot price could print one more decline into $4. Bitcoin, however, shows bullish evidence; thus, a pullback scenario is likely. Polkadot price shows signals of a temporary bottom.
Ethereum price lures the everyday investor to implement a dollar-cost average investing strategy. The invalidation level for Ethereum price, however, is still wide and less favorable than Bitcoins'.
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
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