- Bitcoin rebounded above US$84K after falling below US$81K, before easing back to around US$83,389.
- Geopolitical tensions, high energy prices, elevated Treasury yields and weakness in Asian equities contributed to market volatility.
- A dormant whale moved 4,581.94 BTC worth about US$377 million to five new addresses, although none of the funds had moved again as of 13 October.
- CryptoQuant said whale holdings reached 3.03 million BTC, while preliminary data showed US$109.8 million in Bitcoin ETF inflows on Tuesday.
After dipping below US$81K (AU$115.8K), Bitcoin (BTC) made its way back above US$84K (AU$120K) yesterday evening, just to drop back down to US$83,389 (AU$119,249) at the time of writing.
Yesterday’s sell-off was fuelled in part by escalating geopolitical tensions in the Middle East, high energy prices and elevated Treasury yields. Investors are closely eyeing Wednesday’s US inflation figures, which could further impact expectations for interest rates.
The recovery came despite heavy losses in Asian stock markets, especially amid a sell-off in South Korea. The KOSPI Composite Index dropped more than 7% on semiconductor and AI worries. Overseas investors have been selling shares in Samsung and SK Hynix worth 173 trillion won (US$129 billion or AU$184 billion) since early 2026.
Related: South Korean Bank Launches Country’s First Bitcoin-Backed Loans
Fundstrat CIO Tom Lee said the crash could spill over into crypto and warned that “short term pain” was likely.
Whale Watching
Meanwhile, a large whale transfer has attracted traders’ attention amid the volatile market. A dormant Bitcoin wallet moved its entire 4,581.94 BTC balance, worth about US$377 million (AU$538.8 million), to five new addresses on 12 October. Four received 1,000 BTC each, while the remaining 581.94 BTC went to a fifth address.
The wallet had held the coins since March 2020, when they were worth about US$40.5 million (AU$57.8 million). However, the transfer itself does not necessarily indicate an intention to sell, with none of the five receiving addresses moving the Bitcoin as of 13 October. The identity of the owner remains unknown.
The large transfer comes as broader on-chain data suggests whales have actually been accumulating Bitcoin. CryptoQuant said whale holdings, excluding exchanges and mining pools, have reached 3.03 million BTC, their highest level since November 2025, with monthly balance growth at its fastest pace since February.
Related: Ancient Bitcoin Whales Move $171 Million as Spot ETF See Billions in Inflows
CryptoQuant founder and CEO Ki Young Ju highlighted this in a 13 October report titled “Whales Are Back: Large Holders in an Early Bull Market”.
Whales have switched from selling to accumulating, ETFs are net buyers again.
Ki Young Ju, CryptoQuant founder and CEO Data from Farside shows that after a US$678.9 million (AU$972.2 million) net outflow last week, we may be seeing a reversal. Early data show US$109.8 million (AU$156.8 million) in net inflows for Tuesday; however, not all funds have reported yet, so the figure should be treated as preliminary.
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