Even with a slowdown in Bitcoin (BTC) whale accumulation, the weekly net flows among significant holders (addresses with at least 1,000 BTC) have stayed positive for almost four months.
Positive net flows signify that more BTC is entering these wallets than exiting, indicating possible buying pressure, whereas negative net flows imply that more BTC is being withdrawn from these entities.
Whales Experience Steady Inflows
Data from IntoTheBlock shows that the weekly net inflow peaked at 27K BTC (approximately $1.7 billion at current prices) in June. Following this, whales saw inflows of 19K BTC ($1.2 billion) in July, 18K BTC ($1.13 billion) in August, and 9K BTC ($556.9 million) in September.
The last occurrence of negative net flows for these wallets was in May, according to ITB.
While $BTC whale accumulation has slowed, the weekly net flow has remained positive for nearly four months.
The last time there was a net weekly outflow among large holders was back in May.
https://t.co/NhVCP3gxOd pic.twitter.com/LlZvz7bEma— IntoTheBlock (@intotheblock) September 19, 2024
Positive Sentiment Towards Bitcoin
Whales in the Bitcoin market are recognized as significant market indicators. The ongoing positive net flows from whale wallets hint at a bullish sentiment for the digital asset. An influx of BTC into these wallets compared to outflows suggests confidence in the future valuation of the leading cryptocurrency.
Nonetheless, it’s crucial to acknowledge that the rate of Bitcoin whale accumulation has decreased compared to earlier this year, which could potentially indicate a bearish trend.
Although IntoTheBlock suggests a slowdown in whale accumulation, it has also observed that the BTC reserves of these long-term holders have recently stabilized. On-chain analytics indicate that long-term holders currently hold 12.6 million BTC, equating to $793.674 billion.
This month, CryptoPotato reported a 17-month high for Bitcoin wallets containing at least 100 BTC. This increase was fueled by 283 new wallets holding 100 BTC or more in the last month.
Currently, Bitcoin is trading at $63,000, reflecting a 5% increase on the day and a 9% rise over the previous week.
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