Centralized exchanges experienced Bitcoin outflows, and prominent whale accumulation has pushed the price back above the $67,000 threshold.
As per the data from IntoTheBlock, Bitcoin (BTC) saw two days of inflows on October 20 and 21, causing its price to dip from the recent peak of $69,400.
By October 22 and 23, the trend reverted to outflows. According to ITB, BTC saw a net outflow of $581 million in the past week, indicating ongoing accumulation.
Whales return to accumulation
On October 21, big holders began to sell Bitcoin, with 94% of holders in the profit. Data indicates that the sell-off among large investors is losing momentum.
Yesterday, Bitcoin whale addresses recorded a net inflow of 165.5 BTC, valued at $11.15 million.
Significantly, the total volume of Bitcoin transactions made by whales, each exceeding $100,000, topped $100 billion in the last week.
Increased whale activity and accumulation may prompt a broader market FOMO.
At the time of writing, Bitcoin has risen 0.3% over the last 24 hours, trading at $67,350. The cryptocurrency’s market capitalization stands at $1.33 trillion, with an 18% increase in daily trading volume, reaching $35 billion.
Another positive factor on Wednesday was the rise in inflows for spot BTC exchange-traded funds in the U.S. A crypto.news report noted a net inflow of $192.4 million on October 23, primarily driven by BlackRock’s iShares Bitcoin Trust ETF.
