According to data from the IntoTheBlock platform, the flow of Bitcoin to whale wallets has increased in recent months, showing the growing confidence of major investors in the market.
Last June, weekly net inflows to these wallets reached 27,000 bitcoins, equivalent to about $1.7 billion at current prices.
Bitcoin continues to accumulate in whale wallets:
This positive trend continued throughout the following months, with 19,000 BTC ($1.2 billion) transferred to whale wallets in July, 18,000 BTC ($1.13 billion) in August, and 9,000 BTC ($556.9 million) in September.
According to data from IntoTheBlock, the last time whale wallets saw negative net inflows was in May.
Since then, the trend has reversed, with inflows becoming more than outflows, reflecting a bullish outlook from major market participants.
Whale movements are often an indicator of market trends, playing an important role in determining price direction.
It is worth noting that despite the continued positive flows into whale wallets, the pace of Bitcoin accumulation and collection has slowed down since the first half of the year.
In June, the highest net inflow of 2023 was recorded, but the following months showed a gradual decline in the volume of inflows.
This slowdown could reflect changes in the investment sentiment of whales, as there may be more caution in accumulation strategies.
This slowdown may be viewed as a bearish signal, and this movement indicates a more cautious trend in the market.
From another perspective, the data on the network shows that long-term Bitcoin holders are still committed to their large holdings.
Investors currently own about 12.6 million Bitcoins, worth an estimated $793.67 billion.
Despite the slowdown in the pace of accumulation in whale wallets, these investors are still holding large amounts, reflecting their confidence in Bitcoin’s long-term potential.
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