Bitcoin, Ethereum, Dogecoin Bounce Back As Whale Transactions Spike: 'Bitcoin Retrace Was All About Forming A Macro Higher Low'

Cryptocurrency markets are up despite ETFs recording their seventh consecutive day of negative fund flows.

Notable Statistics:

• IntoTheBlock data shows large transaction volume up 154%, with daily active addresses spiking 42%. Transactions greater than $100,000 more than doubled to 9,368 from 4,580 in a single day. Exchange netflows increased 71.9%.
• Coinglass data notes 41,349 traders liquidated in the past 24 hours for $137.49 million.
• Watcher Guru shared that SEC Chair Gary Gensler stated that the "process to spot Ethereum ETF approval is going smoothly."
• Radar revealed that Warren Buffett-owned Brazilian bank Nubank plans to integrate the Bitcoin Lightining payments.

Notable Developments:

• German Government Continues Bitcoin Liquidation, Transfers 400 BTC To Exchanges
• Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin
• FTX Faces Customer Backlash Over Proposed Liquidation Plan
• Solana Foundation Launches Tools To Streamline Blockchain Transactions
• Will The Upcoming Debate Between Biden And Trump Impact Bitcoin And Crypto Market — What The Analysts Predict

Top Gainers:

Blockchainedbb highlighted Bitcoin’s three consecutive daily closes above $60,000. "Bears can pack their bags and go for vacation for 2 months," adds the trader.

Another crypto trader highlighted that every June "Bitcoin found its local bottom & then proceeded to rally over the summer and then make a local top in August."

Bitcoin analyst Willy Woo terms Bitcoin "a fast-emerging asset class." He goes on to add that Bitcoin will 10x from here and rival the U.S. dollar in size, becoming a reserve asset.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader

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