🌎 Bitcoin Surpasses $67K Amid Whale Accumulation and Exchange Outflows

The recent surge in Bitcoin outflows from centralized exchanges, coupled with increased whale accumulation, has propelled the cryptocurrency past the $67,000 mark once again.

Bitcoin Exchange Net Flows

According to data from IntoTheBlock, Bitcoin exchange net flows experienced two days of inflows on October 20 and 21, which brought the price down from a local high of $69,400.

On October 22 and 23, this trend reversed, leading to outflows. Data reveals that Bitcoin recorded a net outflow of $581 million over the past week, indicating an accumulation phase.

Whales Join the Accumulation

Whales, or large Bitcoin holders, started selling their assets on October 21, as 94% of holders were in profit. However, recent data shows that this selloff is beginning to fade.

Bitcoin whale addresses recorded a net inflow of 165.5 BTC, worth approximately $11.15 million, just yesterday. The total amount of Bitcoin whale transactions, each consisting of at least $100,000 worth of BTC, surpassed the $100 billion mark over the past week. This high level of whale activity and accumulation could potentially trigger market-wide FOMO (Fear of Missing Out).

Current Market Status

As of now, Bitcoin is up 0.3% in the past 24 hours and is trading at $67,350. The asset’s market cap stands at $1.33 trillion, with an 18% rise in its daily trading volume, now reaching $35 billion.

Impact of Spot BTC ETFs

Another bullish factor on Wednesday was the increased inflows into spot Bitcoin exchange-traded funds (ETFs) in the U.S. These investment products saw a net inflow of $192.4 million on October 23, led by BlackRock’s iShares Bitcoin Trust ETF.