A whopping $6 billion in Bitcoin has left exchanges in the past week, marking a significant shift in market sentiment.¹ This massive outflow coincides with declining whale activity, which could be a bullish sign for Bitcoin's price.
According to data from IntoTheBlock, Bitcoin's exchange net outflow reached $6 billion over the last seven days, with $3.9 billion leaving exchanges on November 19 alone. This substantial outflow suggests that investors are accumulating Bitcoin, potentially driving up demand and, in turn, the price.
$BNB $XRP Interestingly, whale activity has been declining, with the number of large transactions (worth at least $100,000) dropping by 33% over the past 24 hours.² This decrease in whale activity might indicate that large investors are holding onto their Bitcoin, rather than selling, which could further contribute to the price increase.
The current market conditions, combined with the upcoming Bitcoin halving event, have investors optimistic about Bitcoin's future prospects. The fifth-largest Bitcoin holding address recently transferred nearly its entire balance of 94,500 BTC, valued at $6.05 billion, to three new addresses.³ This significant transfer demonstrates the growing interest in Bitcoin and its potential for long-term growth.