Bitcoin Whale Accumulation Increases as Large Holder Outflows Decline

Bitcoin Whale Accumulation Trend

Intensified Accumulation Confirmed by CryptoQuant CEO

Recent on-chain data indicates a notable decrease in Bitcoin’s large holder outflows, coinciding with the cryptocurrency maintaining a position above $68,000. According to insights provided by IntoTheBlock, the net flow of BTC among whales shifted from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19, suggesting a heightened accumulation by significant holders.

Positive Investor Interest in Bitcoin ETFs

Increased Inflows in U.S.-Based Spot BTC Exchange-Traded Funds

A contributing factor to Bitcoin’s positive momentum is the growing investor interest in U.S.-based spot BTC exchange-traded funds. Recent reports reveal that these investment products witnessed an influx of $2.1 billion last week, pushing total net inflows past $21 billion.

Bitcoin Market Performance

Stable Price Range and Exchange Outflows

Bitcoin has been trading within a consolidation range of $68,000 to $68,600 in the last 24 hours, with a market cap of $1.35 trillion and a daily trading volume of $13.8 billion, a 55% drop. Despite this, data from IntoTheBlock indicates that Bitcoin exchange net flows remained negative for the third consecutive day, with a net outflow of over 2,300 BTC valued at $157 million on October 19.

While decreasing exchange outflows typically suggest reduced selling pressure, short-term profit-taking could occur given Bitcoin’s proximity to its all-time high of $73,750. The declining trading volume might lead to decreased price volatility for the primary asset.