$6b in Bitcoin left exchanges amid declining whale activity

Bitcoin’s rise above $95,000 triggered a strong accumulation phase among retail investors.

According to data provided by IntoTheBlock, Bitcoin (BTC) recorded a net outflow of $6 billion in the last seven days ($3.9 billion on November 19 alone). The impressive accumulation wave pushed Bitcoin to an all-time high of $99,655 on November 23.

BTC CEX net flow | Source: IntoTheBlock

Weekly net inflows of $3.38 billion into spot BTC exchange-traded funds in the US also played a significant role in Bitcoin approaching $100,000.

On the other hand, whale activity around Bitcoin began to cool before the price reached ATH.

Data from ITB shows that large transactions consisting of at least $100,000 worth of BTC dropped from 32,000 to 19,500 between November 21-24; During that time period, volume dropped from $136.4 billion to $53.6 billion.

Last week Bitcoin recorded a total of $243.67 billion in whale transactions.

The movements suggest that retail investors are more active than large investors.

Despite declining whale transactions, the net flow of Bitcoin major holders shifted from a net outflow of 9,190 BTC to a net inflow of 4,090 BTC on Sunday, November 24, according to ITB data.

An increase in whale accumulation could potentially trigger fear of missing out among market participants. A rise above $100,000 could potentially increase buying pressure among both small and large Bitcoin holders.

Bitcoin has consolidated near the $98,000 region in the last 24 hours. However, daily transaction volume increased by 27%, reaching 55 billion dollars.

BTC price | Source: crypto.news

The global crypto market value decreased by 2.3% to $3.47 billion in the past day. Moreover, liquidations reached $494 million as Bitcoin’s collapse below $98,000 earlier today triggered a market-wide decline, largely affecting small-cap altcoins.