An $11 billion Bitcoin whale has made a return to the cryptocurrency market this week, likely looking for trading opportunities in light of October’s historical crypto rallies and the prevailing uncertainty in the United States.

Cryptocurrency markets have indicated stability in the second week of October as investors maintain optimism for an “Uptober” surge.

Additionally, this whale, known for previously rotating around $5 billion of its Bitcoin into Ether, transferred another $360 million in Bitcoin, highlighting its significant presence in the market. This transaction, as per data from blockchain platform Arkham, was made into the DeFi protocol Hyperunit’s hot wallet on a Tuesday after a two-month absence.

“The return of the Bitcoin whale to the markets may suggest a further inclination towards Ether, especially considering its past transaction habits,” Arkham noted.

Furthermore, the U.S. SEC has received multiple applications for crypto exchange-traded funds (ETFs), though the ongoing government shutdown may temper regulatory actions on these requests. The SEC acknowledged it would be functioning under restricted capacities until a funding resolution is achieved.

With the appointment of Sanae Takaichi as Japan’s prime minister, the local cryptocurrency ecosystem may witness an upturn, as she seeks to enhance blockchain regulations and encourage Japan to become a global hub for crypto firms. This election may influence perceptions and governance of digital assets in the nation.

Lastly, Afghanistan’s recent severe internet blackout has illuminated vulnerabilities in decentralized blockchains, emphasizing the need for a stronger decentralized infrastructure.

Image Arkam