One trader anticipates that the current short-term turbulence in the cryptocurrency market will soon come to an end, while another foresees the possibility of a significant double-digit surge in October.

Cryptocurrency markets are experiencing a downturn as Bitcoin and Ethereum ETFs continue to face considerable outflows. This has resulted in a notable decline in their trading values.

In a recent live session on X, Fred Krueger titled his discussion “The thrill is gone. Friday Bitcoin Blues,” highlighting the retreat of Bitcoin below the $53,000 threshold.

**Notable Statistics:**
– **Transaction Volumes:** Data from IntoTheBlock reveals a 10.5% reduction in large transaction volumes. Transactions exceeding $100,000 have decreased from 8,371 to 7,820.
– **Daily Activity:** The number of daily active addresses has seen a modest increase of 3.3%.
– **Exchange Netflows:** There has been a dramatic 60.5% drop in exchange netflows.
– **Liquidations:** Coinglass data indicates that 60,197 traders were liquidated in the past 24 hours, with total liquidations amounting to $196.67 million. Specifically, long liquidations in the crypto and Bitcoin markets reached $147 million and $63.6 million respectively, the highest figures since August 27.
– **Accumulation Trends:** Crypto chart analyst Ali Martinez pointed out that the accumulation trend score is nearly zero, suggesting that market participants are either distributing or refraining from accumulating Bitcoin at this time.

**Notable Developments:**
– **Future Speculations:** A trader shared a vision for 2051 where taxes and wages might be paid in Bitcoin and inflation is at zero.
– **VanEck’s Decision:** VanEck has ceased its Ethereum Strategy ETF due to ‘operational considerations.’
– **Political Support:** Coinbase received an upgrade as both U.S. presidential candidates showed support for crypto, with analysts noting resilience despite regulatory changes.
– **Crypto Endorsements:** Ripple’s Co-Founder expressed support for Kamala Harris amid ongoing crypto regulatory debates.
– **Philanthropy:** Ethereum Co-Founder Vitalik Buterin announced plans to donate all his crypto proceeds and to halt new token investments.
– **AI Integration:** Bernstein predicts that crypto will dominate AI payments in the near future.

**Top Losers:**

**Trader Notes:**
– IntoTheBlock tweeted that Bitcoin holders who purchased at prices between $47,000 and $64,000 are currently under pressure, with only 27.6% of them in profit. These investors are largely short-term holders, which could lead to increased selling pressure if market declines persist.
– CryptoCon observed that the market has been waiting for new Bitcoin highs for six months but has only experienced sideways and declining movements. However, they noted that in 2019, the wait was almost three times longer, concluding that this “short-term mess will be over soon.”
– IncomeSharks pointed out that the Bitcoin chart still shows local top signals.

The role of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on November 19.

**Read Next:**
Explore speculative insights about a future where taxes and wages are paid in Bitcoin and inflation is non-existent, as envisioned by a forward-thinking trader.

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