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The momentum of Bitcoin's price has declined near its all-time highs, but institutions are buying.
Bitcoin's "Uptober" rise reached its peak, having gained 7% so far this month, marking a strong start to the fourth-quarter rally. However, this time, the rise to historic highs comes with a different mix. Although prices hover near their all-time highs, market momentum seems to be fading.
Analysts at 10x Research have noted that large institutional investors are accumulating Bitcoin intensively. This is also reflected in the strong inflows to Bitcoin exchange-traded funds (ETFs) over the past few weeks, led by the BlackRock IBIT fund. On the other hand, early investors, referred to as "Satoshi Era whales," have been realizing profits from the rising Bitcoin price. This dynamic indicates a shift in the market structure, where deeper institutional participation has compensated for retail enthusiasm.