Bitcoin surged to a new peak yesterday, but investor behavior suggests a cautious tone. Over 7,500 BTC were withdrawn from Binance, marking the year’s second-largest outflow from the exchange.

This significant withdrawal hints that many investors may be shifting towards long-term holdings, reflecting growing confidence in Bitcoin’s future value.

As Bitcoin’s rally continues, the you market is seeing notable developments with institutional funds as well.

The seven largest Bitcoin ETFs collectively amassed $8.21 billion, the biggest single-day total since Bitcoin’s previous peak of $73.7K on March 14.

This strong influx indicates heightened interest, but the polarization between buyers and sellers could signal a temporary top at the $93.4K level if history repeats itself.

Potential Bitcoin Price Correction While Institutional Interest Grows 

Yet, signals for a potential correction are also emerging. The TD Sequential indicator on Bitcoin’s daily chart has flashed a sell signal, suggesting the price may soon pull back.

With approximately $5.42 billion in Bitcoin profits recently realized, the sell-side risk ratio has risen to 0.524%, adding to the cautionary outlook.

Meanwhile, institutional involvement in Bitcoin is also on the rise. The Royal Government of Bhutan recently deposited 365 BTC (around $33.31 million) into Binance, increasing its holdings to a total of 12,573 BTC, currently valued at $1.15 billion.

https://x.com/lookonchain/status/1857042806310633608?t=N3yY0k4BfGEkWdGgGqBWAA&s=19

November 13 saw Bitcoin spot ETFs register a total net inflow of $510 million, marking six consecutive days of positive flows. BlackRock’s IBIT ETF led with a daily net inflow of $231 million, adding to its impressive cumulative inflow of $29.152 billion, while Fidelity’s FBTC ETF recorded a net inflow of $186 million.

Overall, Bitcoin’s recent surge, institutional inflows, and market signals collectively suggest a phase of heightened interest, though caution may be warranted given potential signs of a near-term correction.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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