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Bitcoin whales show confidence with positive net inflows

Bitcoin whales show confidence with positive net inflows

GrafaGrafa2024/09/20 03:30
By:Isaac Francis

Despite a slowdown in whale accumulation, Bitcoin (CRYPTO:BTC) continues to see positive net flows among large holders, signaling confidence in the market

Bitcoin whales, defined as addresses holding at least 1,000 BTC, have consistently experienced inflows, suggesting sustained buying pressure over the past four months. 

According to data from IntoTheBlock, Bitcoin whales saw a peak weekly inflow of 27,000 BTC in June, worth approximately $1.7 billion at the time. 

This was followed by 19,000 BTC in July, equivalent to $1.2 billion, and 18,000 BTC in August, or $1.13 billion. 

Most recently, in September, whales accumulated 9,000 BTC, valued at around $556.9 million. 

This positive flow trend, which has remained unbroken since May, indicates that more BTC is entering whale wallets than leaving. 

Positive net flows among whales typically suggest a bullish market outlook, as these entities often act as key market indicators. 

The ongoing inflows show that large holders remain confident in Bitcoin’s potential for future gains. 

However, the pace of accumulation has slowed compared to earlier in the year, which may raise some concerns. 

Bitcoin whales’ behavior can significantly influence the market, and their ongoing accumulation suggests optimism about BTC’s future price movements. 

That said, the slowdown in the rate of accumulation may temper this bullish sentiment slightly. 

While whale activity has decelerated, the fact that inflows have remained positive is still a notable sign of support for Bitcoin. 

At press time, the Bitcoin price was $62,972.44.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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