Bitcoin whale selloff stopped as price surpasses $68k

On-chain data shows a significant decline in outflows from major Bitcoin holders as the flagship cryptocurrency remains above $68,000.

According to data provided by IntoTheBlock, Bitcoin (BTC) whale net flow shifted from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC on October 19. This momentum shows that savings from large owners are increasing.

BTC price and major investor net flows – October 20 | Source: IntoTheBlock

CryptoQuant CEO Ki Young Ju confirmed the intensifying accumulation.

According to Crypto.news report, data provided by Young Ju shows that new whale addresses with at least 1,000 BTC held more than 1.97 million coins yesterday; This represents an increase of 813% since the beginning of the year.

One of the key drivers behind Bitcoin’s bullish momentum is growing investor interest in US-based spot BTC exchange-traded funds.

According to the report, these investment products saw inflows of $2.1 billion last week; The total net inflow exceeded 21 billion dollars.

Moreover, data from ITB shows that Bitcoin exchange net flows remained in negative territory for the third consecutive day, recording a net outflow of over 2,300 BTC worth $157 million on October 19.

Increased foreign exchange outflows are usually a sign of lower selling pressure. However, profits can still be expected in the short term as BTC price is close to its all-time high at $73,750.

Bitcoin has consolidated between $68,000 and $68,600 in the last 24 hours. Its market capitalization stands at $1.35 trillion, with a daily trading volume of $13.8 billion, down 55%.

Decreased trading volume could potentially bring lower price volatility for the leading asset.