Despite a slowdown in Bitcoin whale accumulation, the weekly net flows among these large holders have remained positive for nearly four months.
Consistent Inflow of Bitcoin Whales
According to data from IntoTheBlock, the weekly net inflow peaked at 27K BTC (worth approximately $1.7 billion in current prices) in June. Subsequently, whales experienced a weekly inflow of 19K BTC ($1.2 billion) in July, 18K BTC ($1.13 billion) in August, and 9K BTC ($556.9 million) in September. The last time these wallets experienced negative net flows was in May.
Optimism Among Bitcoin Whales
Bitcoin whales are known to be crucial market signals. The sustained positive net flows from whales’ wallets suggest a bullish indicator for the digital asset. More BTC going into these wallets than flowing out suggests that they are confident in the future market value of the leading crypto asset. However, it is important to note that the pace of Bitcoin whale accumulation has decelerated compared to earlier this year. This, on the other hand, can be seen as a bearish signal. While data from IntoTheBlock suggests a slowdown in whales’ accumulation, it also noted that these long-term holders’ BTC stashes have recently stabilized. According to the on-chain analytics platforms, long-term holders currently possess 12.6 million BTC, valued at $793.674 billion.
Current Price Trends
Earlier this month, *CryptoPotato* reported that Bitcoin wallets with at least 100 BTC hit a 17-month high. This surge was propelled by 283 new wallets holding 100 BTC or more over the past month. Bitcoin trades at $63,000 at press time, representing a 5% surge on the day and a 9% increase over the past week.
The behavior of Bitcoin whales suggests ongoing optimism in the digital asset, despite the slowdown in accumulation.
Comments