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

Bitcoin’s exit from centralized exchanges and increased whale accumulation helped Bitcoin cross the $67,000 mark again.

According to data provided by IntoTheBlock, net flows on the Bitcoin (BTC) exchange witnessed two days of inflows on October 20 and 21, with the price falling from the local high of $69,400.

BTC CEX net flows – October 24 | Source: IntoTheBlock

On October 22 and 23, this movement turned towards the exits again. According to ITB data, BTC recorded a net outflow of $581 million last week. Increasing outflows indicate the accumulation phase.

Whales join the accumulation

Whales also started selling Bitcoin on October 21 as 94% of their holders made a profit. The data also shows that the selloff among large shareholders is abating.

Bitcoin whale addresses recorded net inflows of 165.5 BTC yesterday, worth $11.15 million.

The total amount of Bitcoin whale transactions consisting of at least $100,000 worth of BTC surpassed $100 billion last week.

High whale activity and accumulation could trigger market-wide FOMO.

Bitcoin is up 0.3% in the last 24 hours and is trading at $67,350 at the time of writing. The asset’s market value stands at $1.33 trillion, with an 18% increase in daily trading volume reaching $35 billion.

BTC price – October 24 | Source: crypto.news

Another bullish catalyst on Wednesday was increased inflows of spot BTC exchange-traded funds in the US. According to a crypto.news report, these investment products saw net inflows of $192.4 million on October 23, led by BlackRock’s iShares Bitcoin Trust ETF.