Despite a slowdown in Bitcoin (BTC) whale accumulation, the weekly net flows among these large holders (addresses with at least 1,000 BTC) have remained positive for nearly four months.
Positive net flows indicate that more BTC is entering these wallets than leaving, suggesting potential buying pressure, while negative net flows mean more BTC is flowing out of these entities.
Whales See Consistent Inflow
According to data from IntoTheBlock, the weekly net inflow peaked at 27K BTC (worth approximately $1.7 billion in current prices) in June. Subsequently, whales experienced a weekly inflow 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 time these wallets experienced negative net flows was in May, according to ITB.
Although $BTC whale accumulation has decelerated, the weekly net flow has stayed positive for nearly four months.
The last instance of a net weekly outflow among large holders was back in May.
https://t.co/NhVCP3gxOd pic.twitter.com/LlZvz7bEma— IntoTheBlock (@intotheblock) September 19, 2024
Bullish on Bitcoin
Bitcoin whales are known to be crucial market signals. The sustained positive net flows from whales’ wallets suggest a bullish indicator for the digital asset. More BTC going into these wallets than flowing out suggests that they are confident in the future market value of the leading crypto asset.
However, it is important to note that the pace of Bitcoin whale accumulation has decelerated compared to earlier this year. This, on the other hand, can be seen as a bearish signal.
While data from IntoTheBlock suggests a slowdown in whales’ accumulation, it also noted that these long-term holders’ BTC stashes have recently stabilized. According to the on-chain analytics platforms, long-term holders currently possess 12.6 million BTC, valued at $793.674 billion.
Earlier this month, CryptoPotato reported that Bitcoin wallets with at least 100 BTC hit a 17-month high. This surge was propelled by 283 new wallets holding 100 BTC or more over the past month.
Bitcoin trades at $63,000 at press time, representing a 5% surge on the day and a 9% increase over the past week.
