🌎 Bitcoin Whale Holdings Increase as Price Stays Above $68,000

On-chain data reveals a significant decline in Bitcoin large holder outflows as the flagship cryptocurrency remains above the $68,000 mark.

According to data from IntoTheBlock, the Bitcoin whale net flow shifted from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19. This momentum indicates increased accumulation from large holders.

Bitcoin Price and Large Holder Net Flows

CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation. Data shows that new whale addresses, each holding at least 1,000 BTC, amassed over 1.97 million coins yesterday—an 813% surge since the start of the year.

Key Drivers Behind Bitcoin’s Bullish Momentum

One of the key drivers behind Bitcoin’s bullish momentum is the increased investor interest in U.S.-based spot BTC exchange-traded funds. These investment products saw an inflow of $2.1 billion last week, pushing the total net inflows to surpass the $21 billion mark.

Additionally, data from ITB indicates that the Bitcoin exchange net flows remained in the negative zone for the third consecutive day, recording a net outflow of over 2,300 BTC, worth $157 million, on October 19.

Impact of Exchange Outflows

Increasing exchange outflows usually suggest lower selling pressure. However, short-term profit-taking could still occur since the BTC price is close to its all-time high of $73,750.

Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours. Its market cap currently stands at $1.35 trillion, with a daily trading volume of $13.8 billion—down by 55%. A declining trading volume might lead to lower price volatility for the leading asset.