A total of $6 billion worth of Bitcoin (BTC) was sold on crypto exchanges in the last week$BTC
The outflow occurred. $3.9 billion of this outflow was made on November 19th alone. According to IntoTheBlock data, the massive outflow of Bitcoin from crypto exchanges pushed the BTC price to $99,655, reaching an all-time high (ATH). Bitcoin’s outflow from exchanges usually indicates that the price will increase, and the market usually predicts that the bullish period will continue as institutional investors and whales move their BTC to cold wallets.
However, BTC whale activity began to decline before the price peaked. According to IntoTheBlock data, between November 21 and 24, the number of BTC transactions worth at least $100,000 decreased from 32,000 to 19,500. During the same period, transaction volume decreased from $136.4 billion to $53.6 billion.
Last week, the BTC market recorded a total of $243.67 billion in whale transactions. However, these transactions were carried out mostly by individual investors rather than large investors. Despite the decrease in whale transactions, Bitcoin’s large investor net flow changed from a net outflow of 9,190 BTC to a net inflow of 4,090 BTC on Sunday, November 24, according to IntoTheBlock data. This change could create fear of missing out (FOMO) among investors.
Watch Out for Volatility at $100,000
The increase in net inflows to spot ETFs, the continuation of positive news flow or BTC staying above $98,000 could accelerate the bull market. In this case, BTC can be expected to exceed the $100,000 level in volume. However, it is stated that futures should be paid attention to in this process, because there is a possibility of great volatility at the $100,000 level.