A leading analytics firm says that over a billion dollars worth of Bitcoin (BTC) and Ethereum (ETH) have been taken off crypto exchanges amid a resurgence in buying activity.
In a new report, IntoTheBlock reveals that the two leading cryptocurrencies witnessed exchange net outflows to the tune of $1.4 billion last week.
Exchange netflows is a metric that calculates the total flows of an asset going in and out of exchanges.
According to IntoTheBlock, the surge in net outflows last week could largely be attributed to BlackRock’s filing for a spot Bitcoin exchange-traded fund (ETF). The analytics firm also says that large entities have re-entered the crypto markets following news of the asset management giant’s foray into the digital asset space.
“Looking on-chain, we can see that large players appear to have come back following the prospects of a Bitcoin spot ETF and greater TradFi (traditional finance) participation.
Transactions over $1 million reach a yearly high – whale transactions climbed over the past week.”
Looking at the activity of crypto whales, IntoTheBlock says that entities that control at least 0.1% of Bitcoin’s supply are in heavy accumulation mode.
“Large holders’ inflows also reach yearly highs. The amount of Bitcoin added to addresses owning 0.1% or more of the supply climbed by the highest so far in 2023.
Not only are large transactions climbing, whales appear to be accumulating. Comparing this with CEX (centralized exchange) netflows, we can confirm that the entities accumulating are not exchange-related as their netflows were negative while large holders’ were highly positive.”
At time of writing, Bitcoin is trading for $30,459 while ETH is worth $1,889.
You can read the full report here.
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