Bitcoin Sees $1.7 Billion Weekly Outflows as Whales Accumulate BTC During Correction
Bitcoin has seen significant activity in recent weeks, with analytics firm IntoTheBlock reporting that large investors capitalized on the recent market correction to acquire BTC. According to IntoTheBlock, Bitcoin experienced net outflows totaling $1.7 billion from cryptocurrency exchanges over a one-week period. Net outflows are defined as the difference between coins leaving exchanges and those being deposited, indicating that investors accumulated over $1.7 billion in Bitcoin during the dip, considering the subtraction of deposits from the total.
This surge in net outflows represents the highest amount in over a year, signaling substantial accumulation by major players in the market. Additionally, IntoTheBlock highlighted a resurgence of interest from retail investors, as the daily count of new Bitcoin addresses has shown a notable increase. This shift suggests a renewed engagement from retail investors, potentially leading to a more balanced market and laying a robust foundation for future growth phases.
At the time of writing, Bitcoin is trading at $61,095, marking a 25% increase from its recent low of $49,000. The market dynamics indicate a strong interest from both institutional and retail investors in Bitcoin, setting the stage for potential further growth and stability in the cryptocurrency market.
The data provided by IntoTheBlock underscores the evolving landscape of Bitcoin investments, with both whales and retail investors actively participating in the market. This activity signals a positive sentiment towards Bitcoin and hints at a potentially bullish trend in the near future.
