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Bitcoin Miner Outflows Spike as Price Reaches New Highs
Data from CryptoQuant reveals that Bitcoin miners transferred approximately 25,367 BTC, valued at around $2.2 billion, out of their wallets on Nov. 12 as Bitcoin neared $90,000. This surge in outflows often signals miners realizing profits during price peaks to prepare for future market downturns and the upcoming Bitcoin halving, according to on-chain analyst Avocado_onchain. However, CryptoQuant cautions that such outflows don’t necessarily indicate immediate selling, as miners may be moving funds for a range of reasons, including transfers to external wallets. Analysts, including Bitget’s Ryan Lee, suggest the rally could continue, with Bitcoin potentially reaching $100,000 by the end of November. The recent U.S. presidential election outcome, favoring Donald Trump, could further boost adoption and support Bitcoin's upward trajectory, according to Bitfinex analysts.
Institutional Investors Show Strong Long-Term Commitment to Crypto
A recent survey by Swiss crypto bank Sygnum highlights growing confidence among institutional investors in crypto, with a majority planning to increase long-term allocations. The survey, involving 400 investors across 27 countries, shows that 57% intend to raise their crypto exposure, partly due to clearer regulations, including recent approvals of U.S. Bitcoin Spot ETFs. The study also notes that while some institutions are waiting for further market confirmation, interest remains high in layer-1 solutions like Bitcoin and Solana. However, enthusiasm for decentralized finance has waned due to ongoing security concerns, redirecting interest to areas like Web3 infrastructure and AI.
Crypto Influencer Found Dead in Montreal Park Months After Reported Abduction
Kevin Mirshahi, a Montreal-based crypto influencer and former operator of "Crypto Paradise Island," was found dead in a park after being abducted in June. His decomposed remains were identified on Oct. 30, four months after his kidnapping alongside three others from a Montreal condo; the others managed to escape. Local police arrested Joanie Lepage, 32, in August, charging her with first-degree murder, though the motive and any connection to Mirshahi's crypto activities remain unclear. The case follows a trend of kidnappings and killings within the crypto community, including recent high-profile ransom cases in Canada, Ukraine, and Malaysia, highlighting security concerns for individuals involved in the digital asset space.
Trading Desk Insights
BTC was hanging out in the 89,000 to 91,000 zone this morning before dropping to 88,300 after the US market open, and it's just a whisper away from smashing its record high of 93,500. Since the elections, crypto ETFs have been raking in some serious inflows. Right now, Bitcoin ETFs are the big players pushing BTC's demand, pretty much mopping up any sell-off from the long-term holders. Just this Wednesday, BTC ETFs bagged another $510 million, bringing the week's haul to a hefty $4.7 billion. A peek at the CME's open interest tells us it’s pretty stagnant, signaling this rally's all about the spot market—which is a bullish sign.
The Republicans are running the show in the House now, wrapping up a full sweep after Trump's win and their Senate victory. The House has been the hotspot for crypto legislation, especially with several crypto bills making their way through over the past year. Also, Neel Kashkari, the Fed's top crypto skeptic, is finally warming up to having an “open mind” about it.
In other headlines, federal agents raided the NYC house of Polymarket's CEO, Shayne Coplan, on Wednesday, grabbing his electronics in the process. Looks like the DOJ’s digging into allegations that Polymarket let U.S. users place bets on the platform.
Meanwhile, U.S. stock futures are playing it cool, as the market tries to find that post-election ride that sent stocks to all-time highs.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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