Bitcoin, the flagship cryptocurrency, has seen its price soar past the $68,000 mark, putting a halt to the selloff by large holders. Data from IntoTheBlock indicates that there has been a notable decrease in Bitcoin outflows from these whales.
The shift in momentum is evident as the Bitcoin whale net flow went from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19. This suggests that large holders are increasingly accumulating Bitcoin.
CryptoQuant CEO Ki Young Ju has also confirmed this trend of intensified accumulation. Reports show that whale addresses holding at least 1,000 BTC now possess over 1.97 million coins, marking an 813% surge since the beginning of the year.
One of the driving factors behind Bitcoin’s bullish momentum is the growing interest from investors in U.S.-based spot BTC exchange-traded funds. These investment products received a total inflow of $2.1 billion last week, pushing the net inflows past $21 billion.
Additionally, data from IntoTheBlock reveals that Bitcoin exchange net flows have remained negative for the third consecutive day, with a net outflow of over 2,300 BTC amounting to $157 million on October 19. This trend typically indicates lower selling pressure, although some short-term profit-taking can still be expected given the proximity of the BTC price to its all-time high of $73,750.
In the past 24 hours, Bitcoin has been trading between $68,000 and $68,600, with its market cap at $1.35 trillion and a daily trading volume of $13.8 billion—a 55% decrease. The declining trading volume could potentially lead to lower price volatility for the cryptocurrency.
Overall, the data suggests that Bitcoin is currently experiencing a period of accumulation by large holders, supported by increased investor interest in exchange-traded funds. Despite short-term profit-taking opportunities, the cryptocurrency’s price remains strong above $68,000.
