- According to the report, the two leading cryptocurrencies experienced a total of $1.4 billion worth of net outflows from exchanges last week.
- According to IntoTheBlock, the increase in net outflows last week can largely be attributed to BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF).
- IntoTheBlock notes that based on the activity of crypto whales, entities controlling at least 0.1% of Bitcoin’s supply have been accumulating heavily.
According to the latest data, there has been an increase in withdrawals from Bitcoin and Ethereum exchanges recently; Big players are returning to the market!
Increasing Withdrawals of BTC and ETH
A leading analytics firm indicates that billions of dollars’ worth of Bitcoin (BTC) and Ethereum (ETH) have been withdrawn from crypto exchanges and buying activities are increasing again.
According to a new report published by IntoTheBlock, the two leading cryptocurrencies experienced a total of $1.4 billion worth of net outflows from exchanges last week.
Net flows from exchanges are a measure of the total inflows and outflows of an asset from exchanges.
IntoTheBlock suggests that the increase in net outflows last week can largely be attributed to BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). The analytics firm also notes that with the news of the asset management giant entering the digital asset space, major institutions are returning to the crypto markets;
“When we look at on-chain data, we can see that large players are coming back with the possibility of a Bitcoin spot ETF and expectations of traditional finance involvement. Transactions over $1 million hit an annual record – whale transactions increased last week.”
Bitcoin Transactions by Size
IntoTheBlock indicates that based on the activity of crypto whales, entities controlling at least 0.1% of Bitcoin’s supply have been accumulating heavily;
“The inflows of large holders have also reached yearly highs. The amount of Bitcoin added to addresses holding 0.1% or more of the supply reached the highest level so far in 2023.
Not only are large transactions increasing, but whales continue to accumulate. By comparing this with centralized exchange (CEX) net flows, we can confirm that the accumulated assets are not associated with exchanges because their net flows are negative, while those of large holders are quite positive.”
At the time of writing, Bitcoin is trading at $30,690 and ETH is valued at $1,883.
