Crypto Market Plunges This Week as Whales Buy the Dip, Adding Over $1.2 Billion in BTC, ETH, and XRP; Synchronized Buy Signals Emerge
October 11 — Major cryptocurrencies plunged across the board this week, but on-chain data shows that whales are buying against the trend. Several analysts believe short-term rebound signals have emerged.
At the beginning of this week, Bitcoin fell from $87,000 to below $81,000, marking a new low for nearly two weeks. The main causes included significant ETF outflows, panic triggered by large-scale government fund transfers, negative macroeconomic factors, and profit-taking.
Analyst Ali Martinez observed that Bitcoin whales accumulated more than $1.2 billion worth of BTC within 72 hours, while the TD Sequential indicator issued a buy signal on the 4-hour chart.
Ethereum also suffered a sharp decline, falling from above $2,700 to $2,400 before finding support and halting its decline around that level.
During this correction, whales increased their holdings by 0.64%, equivalent to approximately 166,000 ETH. The token also showed a buy signal on the 4-hour chart, and Martinez forecast a rebound target range of $2,620 to $2,650.
Although XRP's 4-hour TD Sequential indicator also showed a buy signal, its rejection and pullback around $1.51 likewise provided the market with an opportunity to accumulate. Whales bought more than 45 million XRP during this period, worth approximately $63 million.
The analysis points out that XRP's earlier sell signal closely coincided with a local high. What is truly worth watching now is whether this buy signal means that a local low has formed.
Finally, BTC, ETH, and XRP have all issued buy signals on their 4-hour charts. Do you think this is a local low or merely a continuation of the decline?
#ReboundSignalEmerges