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7,130 Bitcoin (BTC) Inflow to Large Wallets Sets New Historical Record

Tue, 25/06/2024 – 15:35

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Many analysts are focusing on the bearish slump on the market as Bitcoin has failed to breach the $62,000 resistance level in recent times. However, a number of market whales are capitalizing on the market drawdown to stack up on the digital currency. At the time of writing, the price of Bitcoin is changing hands for $61,207.22, up by 0.31% in 24 hours. This discount has served as a major entry point for long-term buyers.

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Drawing on this, data from crypto analytics platform IntoTheBlock shows that despite market FUD, the net inflow into Bitcoin’s largest wallets reached its highest level since late May to set a new historical record. The platform hinted that wallet addresses holding no less than 0.1% of the total Bitcoin supply have added 7,130 Bitcoin units. 

This massive BTC was valued at approximately $436 million and marks the whale volume for June 24 alone. This ongoing acquisition of Bitcoin by a large whale comes as a much-needed vote of confidence for the digital currency. With this backing from large whales, price resilience is formed and might help trigger a rebound in the price of the asset.

The spot Bitcoin ETF market also comes as a major dormant propeller for the price of BTC. Thus far this month, there has been a consistent outflow of funds from these spot Bitcoin ETFs, fueled by the capital exodus from Grayscale and Fidelity Investments, among others.

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While Bitcoin determines the general direction of the crypto industry, its current resilience might be complemented should the spot Ethereum ETF bag S-1 approval in the near term. Already VanEck has filed form 8-A regarding its ETH ETF product, implying that the SEC’s approval for trading is now one step closer. 

Since the approval of the spot Ethereum ETF in May triggered a market rally, there is an expectation that the news of trading approval might create a similar result.

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