Bitcoin broke through $80,000 today while major equities retreated—Nasdaq down 0.1 percent, S&P 500 down 0.2 percent—marking a sharp capital rotation into crypto.
Whale addresses holding 1,000 to 10,000 BTC added 12,500 Bitcoin to their wallets over the past 72 hours. Spot Bitcoin ETFs approved in January 2024 saw consistent net inflows this week, pulling supply off exchanges. Exchange outflows exceeded inflows by an average of 8,000 BTC daily over five days.
Bitcoin's illiquid supply—coins held in wallets with zero spending history—hit a new all-time high of 15.2 million BTC. That shrinks liquid supply on exchanges, creating upward price pressure when demand rises.
Short-term holder cost basis climbed to $76,500. Recent buyers are now in profit and unlikely to panic-sell, tightening market structure. The Crypto Fear & Greed Index registered 56, in "Greed" territory.
The $80,000 level now acts as a support floor. Bitcoin options expire October 25, which could introduce volatility as large contracts settle. The Federal Reserve meets November 6, another potential liquidity driver.
