Bitcoin Whales Initiated Bear Move By Dumping Their Coins Onto GBTC Speculators — Peter Schiff

The Surge of bitcoin in November

In November, bitcoin has gained significant momentum after a slow month in October, reaching highs of $38,000.

The number of new addresses on the BTC network is approaching the yearly highs, indicating increased activity in the market.

The optimism about the approval of a spot BTC ETF by the SEC has contributed to this momentum, with Bloomberg Intelligence research analyst James Seyffart suggesting a high probability of approval by January 2024.

bitcoin is now poised to break the all-time high of new daily addresses set in December 2017 at 803,000.

bitcoin‘s Growing Interest from Institutional Investors and Whales

bitcoin has seen a surge in transactions worth more than $100,000, indicating growing interest from institutional investors and whales, as reported by IntoTheBlock.

In contrast, Polygon has experienced a significant increase in transactions worth over $100,000, pointing to a rise in demand for the cryptocurrency.

According to analyst Michael van de Poppe, bitcoin needs to overcome resistance at $38,000 to $40,000 for continued growth.

At the time of writing, bitcoin was trading at $37,812 according to CoinGecko.

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