BTC whales saw inflows of 27K BTC in June, followed by a decline in the following months.
Whale wallets have maintained positive inflows since May, signaling trust in BTC’s future value.
Long-term holders possess 12.6 million BTC, showing confidence in Bitcoin’s potential.
Data from IntoTheBlock reveals a uniform inflow of Bitcoin into whale wallets over recent months, signaling ongoing confidence among large holders. In June alone, the weekly net inflows into whale wallets stood at 27,000 BTC, which is equivalent to $1.7 billion at current prices.
Whale Wallets Continue to Accumulate BTC
This trend was maintained over the following months, where 19,000 BTC ($1.2 billion) was moved to wallets in July, 18,000 BTC ($1.13 billion) in August, and 9,000 BTC ($556.9 million) in September. According to IntoTheBlock, the last time BTC whale wallets shared negative net flows was in May, as noted via the X Space account.
https://twitter.com/intotheblock/status/1836690855819714863
Since then, the tendency has reversed, with whale wallets seeing more BTC inflows than outflows. These positive inflows reflect a bullish stance from these large market participants. Typically, whales are considered market movers, and their actions can signal future market trends.
Accumulation Pace Slows
While Bitcoin whale wallets continue to see net positive inflows, the pace of accumulation has slowed since earlier in the year. In June, the inflow was the highest recorded in 2023, with subsequent months showing a gradual decline in inflows.
This deceleration could possibly signal a change in sentiment among whales, indicating caution in their accumulation strategies. This slowdown might be interpreted as a bearish signal, highlighting the market's cautious approach.
Long-Term Holders’ BTC Stabilize
On-chain data also shows that long term Bitcoin holders have stabilized their holdings. Currently, these long-term holders possess 12.6 million BTC, valued at $793.67 billion. Despite the slower pace of accumulation by whale wallets, these holders remain committed to holding large amounts of Bitcoin, highlighting their belief in the long-term possibility of the leading digital asset.
The post Bitcoin Whales Record Positive Market Inflows as Accumulation Pace Slows appeared first on Crypto News Land.
