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Investing.com — Bitcoin traded above $81,500, struggling to sustain a recovery as conflicting exchange flows and large whale transactions clouded the cryptocurrency’s near-term outlook, while institutional interest in blockchain technology continued to expand.
Bitcoin was trading up 0.08% at $81,689.0 as of 02:29 ET (06:29 GMT), after retreating from a recovery attempt towards $87,333. The decline brought the cryptocurrency closer to the psychologically important $80,000 level.
On-chain data showed mixed signals about potential selling pressure.
According to CryptoQuant, Bitcoin holders who acquired their coins six to twelve months ago significantly reduced the proportion of their transfers directed towards exchanges, from 40.4% in June to 4.4% by October 15.
However, their total 30-day transfer volume increased to 205,400 BTC from 157,700 BTC, suggesting continued movement of holdings despite reduced exchange activity.
Meanwhile, Whale Alert identified two large transactions totalling approximately $307 million. One involved 2,878 BTC transferred between unidentified wallets, while another saw 888 BTC withdrawn from Kraken.
The latter reduced Bitcoin available on the exchange, although the purpose of either transaction remains unclear.
Separately, CoinGlass data showed positive spot exchange netflows of $18.65 million, indicating that overall deposits exceeded withdrawals and potentially increased the supply available for selling.
Beyond Bitcoin’s immediate price movements, Wall Street banks are increasingly exploring tokenisation as a business opportunity.
Goldman Sachs is examining opportunities to expand trading activity through tokenised assets, while Wells Fargo is already processing limited volumes of cross-border payments using tokenised deposits.
Morgan Stanley also identified opportunities for its wealth management business as blockchain-based assets become easier to transfer.
In the stablecoin sector, Circle defended the economics of its USDC business amid growing competition from networks offering distribution partners a greater share of reserve income.
Circle reported approximately $1.4 billion in first-half revenue, with $819 million allocated to distribution and transaction costs.
Source: finance.yahoo.com