On-chain data shows a significant decline in outflows from large Bitcoin holders as the flagship cryptocurrency remains above the $68,000 mark.
According to data provided by IntoTheBlock, Bitcoin (btc) net whale flow went from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19. The momentum shows greater accumulation by large holders.
CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation.
According to a report by crypto.news, data provided by Young Ju shows that new whale addresses, with at least 1000 BTC, held Over 1.97 million coins were sold yesterday, showing an increase of 813% since the beginning of the year.
One of the key drivers behind Bitcoin’s bullish momentum is increased investor interest in US-based BTC spot exchange-traded funds.
According to the report, these investment products recorded an inflow of $2.1 billion last week; Total net inflows surpassed the $21 billion mark.
Additionally, ITB data shows that Bitcoin exchange net flows remained in the negative zone for the third day in a row, recording a net outflow of over 2,300 BTC, worth $157 million, on October 19.
Increasing currency outflows usually indicate lower selling pressure. However, in the short term profit taking This would still be expected as the BTC price is close to its all-time high of $73,750.
Bitcoin has been consolidating between $68,000 and $68,600 over the last 24 hours. Its market capitalization is $1.35 trillion with a daily trading volume of $13.8 billion, down 55%.
A decrease in trading volume could lead to lower price volatility for the leading asset.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.