BTC (Bitcoin) fell 1.90% in 24 hours

Gate News Bot message, November 03, according to CoinMarketCap data, as of the time of writing, BTC (Bitcoin) is currently priced at $107,900, a fall of 1.90% in the last 24 hours, with a high of $116,300 and a low of $106,400, and a volume of $41.694 billion in the last 24 hours. The current market capitalization is approximately $2.15 trillion, a decrease of about $4.1578 billion compared to yesterday.

Bitcoin is an innovative payment network and a new type of currency. Bitcoin operates using peer-to-peer technology, without the need for a central authority or bank; transaction management and the issuance of Bitcoin are executed collectively by the network. Bitcoin is open source; its design is public, no one owns or controls Bitcoin, and anyone can participate. Through its many unique properties, Bitcoin enables exciting uses that were not possible with any previous payment system.

Important recent news about BTC:

1️⃣ Market enthusiasm remains, but trading structure has changed Bitcoin still maintains a high level of market heat, ranking first in the cryptocurrency standings. However, the market structure is changing, with the share of retail trading (in the $0-1000 range) dropping from 1.8% in 2021 to the current 0.48%, indicating that large institutional participants are dominating the market. Daily retail trading activity remains stable at $108 million, but significantly below historical peaks, reflecting a trend towards conservative behavior among small investors.

2️⃣ Whale capital flows frequently, market volatility risk increases On-chain data shows that there has been a significant flow of funds from large whales recently. One address has deposited all of the 361 BTC (approximately 11.63 million USD) it previously withdrew back to the exchange, accumulating a paper profit of about 27.97 million USD. Another address known as “1011 Insider Whale” has deposited 6,503 BTC into centralized exchanges over the past three weeks, worth 726.54 million USD. These large-scale flows of funds may indicate an increased risk of market volatility.

3️⃣ Institutional demand remains, but market expectations are becoming cautious The total on-chain holdings of the US spot Bitcoin ETF have surpassed 1.35 million BTC, accounting for 6.79% of the current BTC supply. The on-chain holding value is approximately $153.1 billion, indicating that institutional demand remains strong. However, the market is becoming cautious about the Federal Reserve's future interest rate cuts, which has suppressed demand for risk assets to some extent. Amid the tug-of-war between macro factors and institutional capital strength, BTC is fluctuating near the low of $110,000, with price trends clearly influenced by policies and capital flows.

From a technical perspective, Bitcoin is currently below the 7-day moving average and the 30-day moving average, showing a short-term bearish trend. However, the monthly RSI for Bitcoin is at 66, indicating that the trend remains robust and upward. The market's chip structure is tightening rapidly, with the concentration of chips within a 5% price range rising to 17.6%, reaching the highest level in nearly two years, which may signal that significant volatility is on the horizon.

This message is not an investment advice, and investors should pay attention to market volatility risks.