On-chain data indicates a notable decrease in Bitcoin large holder outflows as the cryptocurrency holds above the $68,000 threshold.
Recent data reveals a shift in Bitcoin (BTC) whale net flow from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC by October 19. This trend reflects a rising trend in accumulation among large holders.
CryptoQuant’s insights confirm the trend of intensified accumulation, with reports indicating that new whale addresses, each holding at least 1,000 BTC, now possess over 1.97 million coins—an impressive 813% increase since the beginning of the year.
One significant factor contributing to Bitcoin’s bullish trajectory is the heightened investor interest in U.S.-based spot BTC exchange-traded funds (ETFs). Recent reports indicate that these investment vehicles attracted $2.1 billion in inflows last week, bringing the total net inflows to over $21 billion.
In addition, data shows that Bitcoin exchange net flows have remained in negative territory for three consecutive days, with a recorded net outflow of over 2,300 BTC, valued at $157 million, on October 19. Typically, increased exchange outflows suggest diminished selling pressure; however, short-term profit-taking is likely expected due to BTC’s proximity to its all-time high of $73,750.
Bitcoin has experienced a consolidation phase, trading within the range of $68,000 to $68,600 over the past 24 hours. Its current market capitalization stands at $1.35 trillion, accompanied by a daily trading volume of $13.8 billion—a decline of 55%. A dropping trading volume could suggest reduced price volatility for the leading cryptocurrency.
