IntoTheBlock: Related indicators show whales have yet to resume BTC accumulation trend amid market rebound
According to Mars Finance news, blockchain analysis company IntoTheBlock’s “large holder netflow” indicator shows that addresses with at least 0.1% of Bitcoin’s circulating supply increased their holdings of more than 3,000 BTC ($198 million) today, which is far lower than On March 20, after the BTC currency fell below $61,000, there was a net inflow of nearly 80,000 BTC ($5.3 billion) one day. According to IntoTheBlock, large wallets or whales are good at timing the market, often choosing the best times to accumulate or distribute cryptocurrencies.
Therefore, tracking the netflow indicator can provide insight into the minds of large traders and the sustainability of current trends. The lack of whale participation in the market rally means whales may be anticipating further price declines. Bitcoin fell more than 5% last week as a rise in the U.S. dollar index and Iran-Israel tensions triggered flows from risk assets such as stocks and cryptocurrencies into gold. According to IntoTheBlock, the netflow indicator is sensitive to wallets associated with U.S.-listed Bitcoin spot ETFs, and traders should pay close attention to ETF flows on Monday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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