Analytics firm IntoTheBlock says deep-pocketed investors took Bitcoin’s correction to a low of $49,000 last week as an opportunity to gobble up BTC.
InTheBlok say Bitcoin witnessed a net outflow of $1.7 billion from crypto exchanges over a one-week period.
The analytics company defines the net outflow as the number of coins that left crypto exchanges minus inflows, or withdrawals minus deposits. The metric suggests that Bitcoin investors accumulated much more than $1.7 billion worth of BTC during last week’s dip, as deposits were subtracted from the data.
According to IntoTheBlock, last week’s net outflow represents the largest amount in more than a year.
“This suggests that large whales have been piling up during the recent recession.”
Furthermore, the crypto insights firm notes that retail investors are showing renewed interest in Bitcoin as BTC’s daily new address count witnesses an abrupt jump.
“Since November 2023, the number of daily new addresses has been on a downward trend, a bearish signal pointing to fewer new entrants, especially on the retail side.
However, the trend appears to be shifting, with the number of new addresses showing an upward trend in recent weeks.
This shift signals renewed interest from retail investors, potentially leading to a more balanced market and a stronger foundation for the next phase of growth.”
At the time of writing, Bitcoin is trading at $61,095, up about 25% from Monday’s low of $49,000.
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