Jamie Crawley is a CoinDesk news reporter based in London.
BTC fluctuated between $71,150 and $72,500 after climbing to just under $73,000 at around 23:00 UTC on Tuesday. The cryptocurrency rose to over $73,500 during the U.S. afternoon on Tuesday. The broader digital asset market is also muted, having gained just under 0.9% in the last 24 hours, with ETH rising about 1.15% and SOL falling by over 2.5%.
Total trading volumes crossed $4.75 billion — the highest since March — with BlackRock's IBIT accounting for $3.3 billion alone. Bloomberg ETF analyst Eric Balchunas said he expects bigger inflow figures in the coming days. “$IBIT traded $3.3b today, biggest number in 6mo, which is a bit odd bc btc was up 4% ,” Balchunas wrote on X. “Occasionally tho volume can spike if there a FOMO-ing frenzy.
Bhutan’s BTC movements are part of a broader trend of profit-taking among whales as the cryptocurrency's price approaches the record high set in March. As more holders move into profit and look to lock in gains, their market activity may slow the climb toward the record, CoinDesk research noted earlier this month. Even though realized profit in bitcoin peaked on Oct. 8 and has started to slow down, which is a positive development, there remains higher profit-taking than the yearly average.
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