On-chain analysis indicates a notable decrease in Bitcoin large holder outflows as the leading cryptocurrency trades above the $68,000 threshold.
As per information from IntoTheBlock, Bitcoin (BTC) whale net flow transitioned from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19, highlighting a trend of heightened accumulation among large holders.
Ki Young Ju, CEO of CryptoQuant, has affirmed the increased accumulation trend.
According to a report from crypto.news, data from Young Ju reveals that new whale addresses with at least 1,000 BTC collectively held over 1.97 million coins yesterday, marking an impressive 813% increase since the year’s beginning.
A significant factor contributing to Bitcoin’s bullish trend is the heightened interest in U.S.-based spot BTC exchange-traded funds.
The report indicates that these financial products experienced an inflow of $2.1 billion last week, bringing total net inflows to over $21 billion.
Additionally, data from ITB demonstrates that Bitcoin exchange net flows have remained negative for the third consecutive day, recording a net outflow of more than 2,300 BTC, valued at $157 million, on October 19.
Rising exchange outflows typically suggest reduced selling pressure. Nonetheless, short-term profit-taking is still anticipated, considering the BTC price approaches its all-time high of $73,750.
Bitcoin has maintained consolidation within the range of $68,000 to $68,600 over the last 24 hours. Its market capitalization stands at $1.35 trillion, accompanied by a daily trading volume of $13.8 billion—down by 55%.
A reduction in trading volume could potentially lead to decreased price volatility for the dominant asset.
