Bitcoin Struggles Below $87,000 Despite Rising Whale Accumulation

Bitcoin traded near Rs. 81.2 lakh on Wednesday as the cryptocurrency market remained range-bound below Rs. 83.9 lakh, despite continued accumulation by large holders. Ethereum (ETH) was trading near Rs. 2.5 lakh, while major altcoins showed mixed momentum. Market participants said Bitcoin's recovery is being supported by declining expectations of an October Federal Reserve rate hike and continued movement of BTC off exchanges, but weaker ETF flows and elevated Treasury yields are limiting the upside. According to CoinGecko data, Bitcoin traded near $84,200 (roughly Rs. 81.2 lakh), and Ethereum was trading near $2,600 (roughly Rs. 2.51 lakh).

The world's largest cryptocurrency fell 1.7 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin has faced three rejections around $87,000 since September 23, while spot Bitcoin ETF flows have cooled after strong inflows earlier in October. 

Major Altcoins Trade With Mixed Momentum on Wednesday

Binance Coin (BNB) was priced around $768 (roughly Rs. 74,100), while Solana (SOL) traded near $118.44 (roughly Rs. 11,400). XRP hovered around $1.47 (roughly Rs. 142), while Dogecoin (DOGE) was trading close to $0.090 (roughly Rs. 8.6). 

Large-Holder Demand Offers Support Amid Market Uncertainty

Highlighting Bitcoin's repeated rejection near $87,000 and continued on-chain accumulation, Prateek Gupta, Head of Business, Mudrex, said, “This comes even as US equities remain at record highs. Spot Bitcoin ETFs saw $89.8 million (roughly Rs. 857 crore) in outflows on Monday, signalling a sharp slowdown in recent buying momentum. However, on-chain activity remains constructive: around 40,000 BTC has moved out of Binance in two weeks, reducing exchange reserves from 704,800 to 663,100 BTC, while large holders have accumulated another 14,335 BTC since October 1.”

Commenting on the balance between easing rate expectations and cooling ETF flows, Vikram Subburaj, CEO of Giottus.com, said, “The market is holding up as expectations of an October US Fed rate hike have fallen sharply. Markets now see only about a 20 percent chance of a hike, down from around 51 percent a week ago. However, the 10-year US Treasury yield remains above 5.3 percent [...]  Investors should avoid chasing short-term rallies. Staggered buying and measured position sizes are preferable. It is important to watch ETF flows, US inflation data and Fed signals before taking larger positions.”

Pointing to the impact of leverage on crypto market volatility, Nischal Shetty, Founder, WazirX, said, “Bitcoin's sharp fall shows how quickly leverage can turn a routine correction into a market-wide flush. Nearly $394 million (roughly Rs. 3,762 crore) was liquidated in one hour, including $384 million (roughly Rs. 3,665 crore) in long positions, while 24-hour liquidations crossed $1.02 billion (roughly Rs. 9,739 crore). Bitcoin absorbed $209 million (roughly Rs. 1,996 crore) of the damage, followed by Ethereum at $87 million (roughly Rs. 831 crore) [...] Meanwhile, the crypto market stands near $2.85 trillion (roughly Rs. 27,21,180 crore), sentiment remains in ‘Greed' at 62.”

Overall, analysts said markets now see only around a 20 percent chance of an October Fed rate hike. Still, weaker ETF demand and elevated oil prices could continue to limit the recovery. Bitcoin's $84,000-$85,000 (roughly Rs. 81.1 lakh-Rs. 82 lakh) support zone remains important, while a sustained move above $87,000 (roughly Rs. 84 lakh) could strengthen the case for further upside.