Bitcoin Whales Amass $5 Billion in BTC Amid Soaring ETF Inflows and Record Trading Volumes
The post Bitcoin Whales Amass $5 Billion in BTC Amid Soaring ETF Inflows and Record Trading Volumes appeared on BitcoinEthereumNews.com.
In July, large holders accumulated a significant amount of Bitcoin, totaling 84,000 Bitcoins worth over $5 billion. This accumulation by whales marks the highest monthly increase since 2014, indicating a substantial market shift. Such massive buying often precedes major market changes, making it a crucial time for investors to stay vigilant. Discover how Bitcoin accumulation and ETF inflows signal a potential bull market, providing critical insights for investors. Bitcoin Accumulation Reaches Unprecedented Levels The crypto market saw an unprecedented level of Bitcoin accumulation in July, with large holders, commonly referred to as ‘whales,’ amassing 84,000 Bitcoins. This accumulation, valued at over $5 billion, is the largest monthly increase since 2014. Such substantial buying activity is often indicative of a looming major market shift and can signal a potential rally. Indicators Point to a Bull Market On-chain cyclical indicators for Bitcoin have shifted back to a bull market phase. Notably, the bull-bear market cycle indicator, which had previously been signaling a downturn, is now showing signs of an uptrend. This return to a bull market is further bolstered by other Bitcoin on-chain indicators that support a bullish outlook. Record-Breaking Trading Volumes The Bitcoin market also experienced record-breaking trading volumes in July. When Bitcoin’s price briefly dipped to $50,000, futures trading volumes soared to an all-time high of $154 billion, while spot trading volumes reached $83 billion, the second-highest on record. This dramatic increase in trading activity suggests heightened investor interest and market engagement. ETF Inflows and Market Sentiment Exchange-Traded Funds (ETFs) related to Bitcoin have also seen significant inflows, adding to the bullish sentiment. Despite price fluctuations, BlackRock’s Bitcoin ETF has maintained strong investor interest, experiencing only a single day of outflows since its launch in January. Recently, Bitcoin ETFs saw $194 million in inflows after a brief period of outflows,…
Filed under: News - @ August 11, 2024 9:10 am