Bitcoin Whale Selloff Stops as Price Surpasses $68,000

Recent on-chain data reveals a significant decline in Bitcoin whale outflows, coinciding with the cryptocurrency's sustained price above $68,000. This shift suggests a growing trend of accumulation among large holders.

Whale Activity Shifts to Accumulation

According to data from IntoTheBlock, Bitcoin's net flow among large holders changed dramatically from an outflow of 1,650 BTC on October 17 to a net inflow of 211 BTC by October 19. This positive momentum indicates that large investors are starting to accumulate Bitcoin rather than sell.

CryptoQuant CEO Ki Young Ju confirmed this trend, reporting that new whale addresses holding at least 1,000 BTC have increased their holdings to over 1.97 million coins—an impressive 813% surge since the beginning of the year.

Drivers of Bitcoin’s Bullish Momentum

One of the key factors contributing to Bitcoin's bullish trajectory is heightened interest in U.S.-based spot BTC exchange-traded funds (ETFs). Recent reports indicate that these investment products experienced inflows of $2.1 billion last week, pushing total net inflows to surpass the $21 billion mark.

Despite this positive sentiment, data from IntoTheBlock also shows that Bitcoin exchange net flows have remained negative for three consecutive days, with a net outflow of over 2,300 BTC (valued at approximately $157 million) recorded on October 19.

Implications of Outflows and Price Consolidation

Typically, increasing outflows from exchanges suggest reduced selling pressure. However, some short-term profit-taking may still occur as Bitcoin's price approaches its all-time high of $73,750.

Over the past 24 hours, Bitcoin has been consolidating between $68,000 and $68,600. Its market capitalization currently stands at $1.35 trillion, with a daily trading volume of $13.8 billion—a decrease of 55% from previous levels.

A decline in trading volume could lead to lower price volatility for Bitcoin, making it crucial for investors to monitor market activity closely.

Conclusion

With whale selloffs coming to a halt and increased accumulation among large holders, Bitcoin appears to be in a solid position as it maintains its price above $68,000. As interest in spot ETFs grows and market dynamics shift, the future of Bitcoin remains promising, though careful observation is needed in the face of potential profit-taking and changing trading volumes.