The rise of Bitcoin beyond the $60,000 threshold has resulted in an increase in outflows from centralized exchanges as investors anticipate continued bullish trends.
Based on insights from IntoTheBlock, Bitcoin (BTC) recorded $1.29 billion in net outflows from centralized exchanges over the last week. This trend indicates heightened accumulation, as the majority of on-chain indicators appear positive for the leading cryptocurrency.
The majority of outflows, approximately 12,420 BTC, occurred on Sept. 10 when the asset’s price faltered below the $57,000 level, according to ITB data.
Interestingly, the net flow ratio of large holders to exchanges indicates that Bitcoin holders began to take profits on Sept. 13 as the price hit $60,000 after dropping to a local minimum of $52,600.
On that same day, Bitcoin experienced a significant outflow of 9,180 BTC from large holders. This on-chain activity signifies a considerable selloff by whales, pushing the asset’s price under $60,000.
Anticipate reduced price volatility
A report by crypto.news on Friday revealed that MicroStrategy acquired 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.
However, the trend shifted back to accumulation on Saturday, Sept. 14, with the ratio climbing to 0.43%, as per ITB.
The net flows from large holders turned positive again, with 3,240 BTC in net inflows recorded yesterday.
As of this writing, Bitcoin has seen a 0.2% increase over the past 24 hours, trading at $60,100. The asset’s market capitalization sits at $1.86 trillion, while BTC’s daily trading volume has decreased by 57%, landing at $13.7 billion.
At this stage, a decrease in price volatility for Bitcoin is likely as it consolidates near the key $60,000 level. Nevertheless, a drop below $59,000 could result in a significant wave of liquidations, potentially leading to further declines.
