Bitcoin Witnesses $1,700,000,000 in Weekly Net Outflows As Whales Load Up on BTC Amid Correction: IntoTheBlock
Analytics firm IntoTheBlock says that deep-pocketed investors took Bitcoin’s correction toward a low of $49,000 last week as an opportunity to gobble up BTC.
IntoTheBlock says Bitcoin witnessed net outflows to the tune of $1.7 billion from crypto exchanges over a one-week period.
The analytics firm defines net outflows as the number of coins that have left crypto exchanges minus inflows, or withdrawals minus deposits. The metric suggests that Bitcoin investors have accumulated way more than $1.7 billion in BTC amid last week’s dip considering deposits were subtracted from the data.
According to IntoTheBlock, last week’s net outflows represent the largest amount in more than one year.
“This points to large whales accumulating through the recent downturn.”
In addition, the crypto insights firm notes that retail investors are showing renewed interest in Bitcoin as the count of BTC’s daily new addresses witnesses an abrupt jump.
“Since November 2023, the number of daily new addresses has trended downward, a bearish signal indicating fewer new participants, particularly on the retail side.
However, the trend seems to be shifting, with the number of new addresses trending upward in more recent weeks.
This shift suggests renewed interest from retail investors, potentially leading to a more balanced market and a stronger foundation for the next growth phase.”
At time of writing, Bitcoin is trading for $61,095, up about 25% from Monday’s low of $49,000.
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