Whales didn’t sell Bitcoin at $62k, on-chain data shows

Bitcoin is facing another correction after breaking above $62,000 on October 2. However, data shows that whales were not involved in the final sale.

Bitcoin (BTC) consolidated around $60,000 between October 1-4 as geopolitical tensions between Iran and Israel increased.

On the heels of the US jobs report, the broader crypto market witnessed bullish momentum, with the flagship cryptocurrency reaching a local high of $62,370 on October 5.

BTC price – October 6 | Source: crypto.news

Bitcoin is down 0.2% in the last 24 hours and is trading at $61,950 at the time of writing. Daily trading volume has dropped by 53% and currently stands at $12.2 billion.

According to data provided by IntoTheBlock, large Bitcoin holders recorded net inflows of 205 BTC on October 5 as outflows remained neutral. The on-chain indicator shows that whales are not selling Bitcoin as its price exceeds $62,000.

BTC whale network flow – October 6 | Source: IntoTheBlock

Meanwhile, Bitcoin’s whale trading volume decreased by 48% on October 5, falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes generally indicate price consolidations and lower volatility.

Data from ITB shows that Bitcoin recorded a net outflow of $153 million from centralized exchanges last week. Increased foreign exchange outflows due to rising expectations for October indicate accumulation.

It is important to remember that macroeconomic events and geopolitical tensions can suddenly change the direction of financial markets, including cryptocurrency.