On-chain data reveals a significant decline in Bitcoin whale selloffs as the cryptocurrency holds steady above the $68,000 mark. Data from IntoTheBlock shows that the net flow of Bitcoin from large holders shifted dramatically, with an outflow of 1,650 BTC on October 17 turning into a net inflow of 211 BTC by October 19. This indicates increased accumulation from Bitcoin whales.
Whale Accumulation Intensifies
According to CryptoQuant CEO Ki Young Ju, Bitcoin whale addresses, each holding at least 1,000 BTC, have accumulated over 1.97 million coins as of yesterday—an impressive 813% increase since the beginning of 2024.
Spot BTC ETFs Boost Investor Interest
One of the key factors driving Bitcoin’s upward momentum is the growing interest in U.S.-based spot Bitcoin exchange-traded funds (ETFs). These investment products have seen inflows of $2.1 billion in the past week, pushing total inflows beyond $21 billion.
Exchange Outflows Continue
Data from IntoTheBlock also shows that Bitcoin exchange net flows have been in the negative for three consecutive days. Over 2,300 BTC—worth approximately $157 million—flowed out of exchanges on October 19. This trend indicates reduced selling pressure, though short-term profit-taking may still occur as Bitcoin approaches its all-time high of $73,750.
Currently, Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours, with a market cap of $1.35 trillion. The daily trading volume has dropped by 55% to $13.8 billion, which could lead to lower price volatility for the cryptocurrency.
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