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According to IntoTheBlock, despite Bitcoin‘s 3% recovery from weekend lows around $61,000, large holders or stocks with at least 0.1% of Bitcoin’s circulating supply have yet to accumulate aggressively.
The analytics firm’s “major owner net distribution” indicator reveals that this address alone added just over 3,000 BTC ($198 million) today. This amount pales in comparison to the net inflow of approximately 80,000 BTC ($5.3 billion) observed one day after the $61,000 drop on March 20.
Whales, known for their mastery of timing the market, often take unloaded units of coins that are in or out of circulation. Therefore, the indicator of the net moisture content provides important information regarding the sustainability of their hosting and current durability.
As the recovery of the whales becomes apparent, a deeper price run-out from these major sellers can be expected. Over the past week, Bitcoin has faced a decline of more than 5% amid the rise in the dollar regime and geopolitical tensions between Iran and Israel, leading to a shift in funds sentiment and a shift away from assets such as cryptocurrencies towards safe havens such as gold.
IntoTheBlock highlighted the increased narrowing of ETF flows on Monday for more market insight, charting the profit-taking to storage with spot exchange-traded funds (ETFs) widely seen in the US.
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