BTC (Bitcoin) 24-hour rise 0.42%

Gate News Bot message, on October 31, according to CoinMarketCap data, as of the time of writing, BTC (Bitcoin) is reported at $109,900, rising 0.42% in 24 hours, with a high of $116,300 and a low of $106,400. The 24-hour volume reached $69.166 billion. The current market capitalization is approximately $2.19 trillion, an increase of $9.086 billion compared to yesterday.

Bitcoin is an innovative payment network and a new form of currency. Bitcoin operates on a peer-to-peer technology, without the need for a central authority or bank; transaction management and the issuance of Bitcoin is done collectively by the network. Bitcoin is open source; its design is public, and no one owns or controls Bitcoin, allowing anyone to participate. Through its many unique properties, Bitcoin enables exciting uses that no previous payment system could cover.

Important recent news about BTC:

1️⃣ Institutional investors continue to increase their holdings, driving the price of Bitcoin to rise

Multiple institutional investors have recently continued to increase their Bitcoin allocations. Australia's Monochrome spot Bitcoin ETF (IBTC) has reached a holding of 1,116 BTC, with a market capitalization exceeding 18.8 million AUD. MicroStrategy transferred 22,704 BTC (approximately 2.45 billion USD) to several new wallets within 9 hours. These large-scale acquisitions reflect institutional confidence in the long-term value of Bitcoin, providing strong support for the Bitcoin price.

2️⃣ The capital flow in the exchange is active, and the market sentiment is becoming optimistic.

An early Bitcoin holder (Bitcoin OG) has transferred a total of 6,003 BTC (approximately $672 million) to centralized exchanges over the past three weeks. Meanwhile, several large traders have opened significant long positions, including a $32.74 million BTC long with 40x leverage. These fund flows indicate that market participants are optimistic about short-term price movements, which may stimulate further buying demand.

3️⃣ Public companies increase investment plans in digital assets

The Nasdaq-listed company SEGG Media has announced the launch of a $300 million digital asset program, allocating 80% of the funds to a multi-asset cryptocurrency reserve, with Bitcoin as the initial focus. This move reflects the growing recognition of crypto assets by traditional financial institutions, and is expected to attract more institutional funds into the Bitcoin market.

From a technical perspective, the price of Bitcoin is still within an upward channel, but short-term volatility is increasing. The current support level is around $108,000, while the resistance level is about $112,000. Market volume remains active, indicating fierce competition between buyers and sellers, and significant price fluctuations may occur in the short term.

This message does not constitute investment advice; investors should be aware of market volatility risks.