Bitcoin whale selloff stopped as price surpasses $68k

On-chain data reveals a notable shift in Bitcoin’s market behavior, as large holders (whales) have significantly reduced their outflows, coinciding with Bitcoin holding steady above the $68,000 mark.

Data from IntoTheBlock highlights that the Bitcoin whale net flow changed dramatically from a net outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC by October 19. This change indicates that large holders are increasingly accumulating Bitcoin, rather than offloading their positions. This trend suggests growing confidence among major investors, potentially signaling a bullish outlook for the cryptocurrency.

CryptoQuant CEO Ki Young Ju has confirmed the increased Bitcoin accumulation, pointing to a dramatic surge in new whale addresses holding at least 1,000 BTC. According to Ki Young Ju’s data, these whale addresses now hold over 1.97 million BTC, marking an impressive 813% increase since the beginning of 2024.

One of the main drivers behind this bullish momentum is the heightened interest in U.S.-based spot Bitcoin exchange-traded funds (ETFs). As per the latest report, these ETFs saw an inflow of $2.1 billion last week, pushing the total net inflows across Bitcoin ETFs to surpass $21 billion. This surge in institutional demand reflects growing investor confidence in Bitcoin.

However, despite the strong whale accumulation, data from IntoTheBlock (ITB) shows that Bitcoin exchange net flows have remained in the negative for the third consecutive day, with a net outflow of 2,300 BTC, valued at approximately $157 million on October 19. This typically signals reduced selling pressure, though short-term profit-taking could still be expected, particularly as Bitcoin nears its all-time high of $73,750.

Currently, Bitcoin has been consolidating within the $68,000 to $68,600 range for the past 24 hours, with a market cap of $1.35 trillion and a daily trading volume of $13.8 billion—down by about 55% from earlier volumes. A decline in trading volume could lead to lower price volatility, possibly indicating a period of consolidation before any significant move.