The Ripple Effect of Fake ‘Spot Bitcoin ETF’ News on On-Chain Indicators: BTC and ETH Witness Profound Gains, XRP, LTC, and ADA Remain Unmoved

Crypto News– The latter part of October has brought about an unexpected series of events that have left the cryptocurrency market in a state of flux. Just yesterday, a single tweet from Cointelegraph suggesting that the SEC had approved the proposed iShares ETF sent shockwaves through the market. As the false news spread to other media outlets, it triggered a massive wave of short liquidations, totaling an astounding $100 million. On-chain data during this tumultuous 24-hour period indicated significant profits for Bitcoin and Ethereum. Meanwhile, XRP, LTC, and ADA prices remained stable but not without signs of selling pressure that led to losses.

The Ripple Effect of Fake ‘Spot Bitcoin ETF’ News on On-Chain Indicators: BTC and ETH Witness Profound Gains, XRP, LTC, and ADA Remain Unmoved

Cointelegraph’s statement sent a ripple effect throughout the digital realm, igniting a surge in social media interactions. Terms like ‘ETF,’ ‘iShares,’ and ‘$30K’ dominated conversations as a brief bout of excitement gripped market participants. This breakthrough had been eagerly anticipated since the summer, leaving many taken aback by its sudden appearance.

Santiment’s data reveals that Bitcoin briefly breached the $30K mark for the first time in over two months, only to retrace to $28K within a mere hour. While most of the crypto market faced a general pullback, a select few assets, including Solana, Render, and UnlimitedIP, displayed exceptional resilience. Their values more than doubled during this episode, positioning them as standout performers amid the turmoil.

In the midst of the chaos stemming from the false ETF approval report, it’s worth noting that the crypto markets were already gaining momentum, with a rally pushing values near the $28K mark. Recent data also showed a record number of wallets holding a minimum of 10 BTC, indicating growing confidence among ‘smart money’ investors. However, the supply controlled by these mid-tier holders has steadied following a spike observed in early October.