CandleFocus $581m in Bitcoin left CEXs in 7 days, whales restart accumulation
2024-10-24
Author: Content Editor
Bitcoin has surpassed the $67,000 mark again due to increased outflows from centralized exchanges and whale accumulation. Data shows that there have been net outflows of Bitcoin from exchanges, indicating an accumulation phase. Whales, who hold large amounts of Bitcoin, have also been selling, but the selloff seems to be fading. Whale addresses recorded a net inflow of Bitcoin worth $11.15 million. The total amount of whale transactions has surpassed $100 billion in the past week. This high whale activity and accumulation may trigger a fear of missing out (FOMO) in the market. Additionally, increased inflows into spot Bitcoin exchange-traded funds in the U.S. have contributed to the bullish sentiment. Bitcoin is currently trading at $67,350 with a market cap of $1.33 trillion and a rise in daily trading volume.
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