Bitcoin Whales Quietly Buy $439 Million While Market Panics


On-chain
data
shows
that
large
investors
in
the
Bitcoin
network
have
been
buying
while
the
market
has
been
in
a
panic
state
about
the
latest
crash.

Bitcoin
Large
Holders
Netflow
Has
Been
Positive
Recently

According
to
data
from
the
market
intelligence
platform

IntoTheBlock,
the
largest
wallets
on
the
Bitcoin
blockchain
have
been
making
some
large
net
inflows
recently.

The
on-chain
indicator
of
interest
here
is
the
“Large
Holders
Netflow,”
which
keeps
track
of
the
net
amount
of
the
cryptocurrency
entering
into
or
exiting
the
wallets
associated
with
the
“Large
Holders.”

How To Get Free Crypto  

IntoTheBlock
defines
Large
Holders
as
those
investors
who
own
at
least
0.1%
of
the
entire
circulating
supply
of
the
asset.
There
are
over
19.7
million
BTC
tokens
in
circulation,
so
this
figure
would
be
equivalent
to
around
19,700
BTC.

This
stack
is
worth
upwards
of
$1.2
billion
at
the
current
exchange
rate
of
the
cryptocurrency,
so
clearly,
these
Large
Holders
are
quite
large
indeed
and,
thus,
could
be
considered
to
carry
some
degree
of
influence
in
the
market.

As
such,
their
behavior
can
be
worth
keeping
an
eye
on,
as
even
if
it
may
not
directly
end
up
reflecting
on
the
asset’s
price,
it
could
still
contain
information
about
the
sentiment
among
these
humongous
entities.

Now,
here
is
a
chart
that
shows
the
trend
in
the
Bitcoin
Large
Holders
Netflow
over
the
past
month:

The value of the metric appears to have been positive in recent days | Source: IntoTheBlock on X

As
displayed
in
the
above
graph,
the
Bitcoin
Large
Holders
Netflow
has
been
mostly
above
zero
during
the
last
few
weeks,
suggesting
that
these
investors
have
been
receiving
net
deposits
to
their
wallets.

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This
accumulation
from
the
whales
has
come
while
the
cryptocurrency
has
been
going
through
a
period
of
bearish
momentum.
This
bearish
trend
culminated
in
a

crash
for
the
coin
yesterday,
in
which
its
price
went
as
low
as
under
$60,000.

The
Large
Holders
have
latched
onto
this
opportunity,
having
displayed
their
strongest
net
inflows
since
late
May.
These
investors
bought
a
net
amount
of
7,130
BTC
during
the
dip
yesterday,
which
is
worth
almost
$439
million
right
now.

The
strong
buying
would
naturally
imply
that
the
whales
believe
these
recent
lows
to
provide
a
profitable
window
for
further
accumulation
of
the
cryptocurrency,
regardless
of
the
amount
of
FUD
going
around
in
the
wider
market.

Another
potential
bullish
development
has
also
taken
place
for
Bitcoin
simultaneously,
as
IntoTheBlock
Head
of
Research
Lucas
pointed
out
in
an
X

FreeBitcoin Banner  

post.
It
would
appear
that
exchanges
received
large

USD
Coin
(USDC)
inflows
yesterday.

Looks like the value of the indicator has been just registered a positive spike | Source: IntoTheBlock on X

Investors
generally
transfer
their
coins
to
these
central
entities
whenever
they
want
to
trade
them
away,
so
these
USDC
net
inflows
would
imply
a
huge
amount
to
swap
the
stablecoin,
possibly
for
other
cryptocurrencies
like
Bitcoin.

Thus,
these
$228
million
net
USDC
inflows
into
exchanges
could
add
to
the
buying
pressure
for
BTC.

BTC
Price

At
the
time
of
writing,
Bitcoin
is
floating
around
$61,500,
down
over
4%
in
the
last
seven
days.

The price of the asset appears to have plummeted over the past two days | Source: BTCUSD on TradingView

Featured
image
from
Dall-E,
IntoTheBlock.com,
chart
from
TradingView.com

Go to Source
Author: Keshav Verma


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