$581m in Bitcoin left CEXs in 7 days, whales restart accumulation

Bitcoin’s price surged past the $67,000 mark once again, driven by significant outflows from centralized exchanges and increased whale accumulation.

Data from IntoTheBlock revealed that Bitcoin’s exchange net flows experienced two consecutive days of inflows on October 20 and 21, which led to a drop in price from the local peak of $69,400. These movements in exchange flows have played a key role in influencing Bitcoin’s price action, with whale activity and outflows indicating stronger demand and long-term confidence in the asset.

On October 22 and 23, the trend reversed as Bitcoin saw a return to outflows. According to IntoTheBlock (ITB) data, Bitcoin recorded a net outflow of $581 million over the past week. This shift towards outflows signals an ongoing accumulation phase, where investors, particularly whales, are holding onto their Bitcoin rather than moving it to exchanges, suggesting long-term confidence and demand for the asset.

Whales join the accumulation

On October 21, Bitcoin whales began selling as 94% of holders were in profit, but the selloff among large holders appears to be subsiding. According to recent data, Bitcoin whale addresses saw a net inflow of 165.5 BTC, valued at approximately $11.15 million on the previous day.

Additionally, the total value of Bitcoin whale transactions, involving at least $100,000 worth of BTC, surpassed $100 billion over the past week, indicating significant activity in the market. This high level of whale activity and accumulation may ignite a market-wide FOMO (Fear of Missing Out), driving prices even higher.

As of now, Bitcoin is up 0.3% in the past 24 hours, trading at $67,350, with a market cap of $1.33 trillion. The asset’s daily trading volume has also increased by 18%, reaching $35 billion.

On Wednesday, October 23, Bitcoin exchange-traded funds (ETFs) in the U.S. saw a notable bullish catalyst, with a net inflow of $192.4 million. This surge was primarily driven by BlackRock’s iShares Bitcoin Trust ETF, highlighting increased institutional interest in Bitcoin.

The influx of funds into these spot BTC ETFs signals growing confidence in Bitcoin from institutional investors, further supporting the bullish sentiment in the market. This development could contribute to continued upward momentum for Bitcoin in the coming days.