Bitcoin whale selloff halted as price breaches 68k mark
Bitcoin’s major holders are showing decreased outflows as the cryptocurrency maintains its position above $68,000, according to on-chain data. The net flow of Bitcoin from whales shifted from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19, indicating increased accumulation by large holders. This intensified accumulation is confirmed by CryptoQuant CEO Ki Young Ju, who reported that addresses holding at least 1,000 BTC held over 1.97 million coins, representing an 813% surge since the beginning of the year. The surge in Bitcoin’s bullish momentum is attributed to growing investor interest in US-based spot BTC exchange-traded funds, which saw a total net inflow of $2.1 billion last week, surpassing the $21 billion mark. Additionally, data from IntoTheBlock shows that Bitcoin exchange net flows have remained negative for three consecutive days, with a net outflow of over 2,300 BTC ($157 million) on October 19. This decrease in exchange outflows typically indicates lower selling pressure, although some short-term profit-taking is still expected due to the cryptocurrency’s proximity to its all-time high of $73,750. Currently, Bitcoin’s price is consolidating between $68,000 and $68,600, with a market cap of $1.35 trillion and a daily trading volume of $13.8 billion, which is down by 55%. The declining trading volume could potentially result in lower price volatility for Bitcoin. According to Bitwise CIO, the price of Bitcoin is headed towards six figures.
