Cryptocurrency expert Ali Martinez, who is closely monitored by crypto enthusiasts, has reported that whales have acquired approximately 20,000 BTC valued at $550 million since the start of October.

Despite the ongoing selling pressure, Bitcoin continues to attract institutional investment. In the past week, digital asset investment products saw inflows totaling $78 million for the second consecutive week. Notably, BTC accounted for the majority of this inflow, with $43 million pouring into Bitcoin investments. However, some investors viewed the recent price surge as an opportunity to bolster their short positions in Bitcoin, resulting in a $1.2 million influx of short positions during the same period.

Market analysts anticipate an increase in Bitcoin's price volatility in the coming months as the approaching halving of block rewards, expected in April 2024, looms closer. Crypto analyst Rekt Capital has cautioned investors about the possibility of Bitcoin experiencing a drop to $20,000 before embarking on its next bullish phase.

Prominent investor Paul Tudor Jones, renowned for his hedge fund and immense wealth, has once more emphasized the role of Bitcoin as a hedge in these times of escalating geopolitical tensions and the ongoing Israel-Hamas conflict. Jones has voiced apprehensions regarding various factors, including geopolitical uncertainties and the growing debt burden of the US government, which are diminishing the allure of traditional stock investments.

Jones has underscored the attractiveness of Bitcoin and the precious metal gold as alternative investment options. Additionally, the renowned investor has disclosed his intention to allocate 5% of his assets into BTC in the year 2021.