Despite a slowdown in Bitcoin (BTC) whale accumulation, the weekly net flows among these large holders (addresses with at least 1,000 BTC) have remained positive for nearly four months.
Bitcoin (BTC) wallets with at least 1,000 BTC have been seeing more BTC flow into their wallets than out for nearly four months now, a trendを示す that may be bullish for the digital asset.
The last time these wallets experienced a net weekly outflow was in May, according to IntoTheBlock (ITB).
The last instance of a net weekly outflow among large holders was back in May.
According to ITB, 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.
Bitcoin wallets with at least 1,000 BTC have been seeing more BTC flow into their wallets than out for nearly four months now. This trend may be bullish for BTC, as it suggests that these large holders 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 slowed down 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.
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.
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