This week, Bitcoin experienced $728 million in withdrawals from exchanges, signaling that large holders are continuing to accumulate despite the ongoing price decline.
Addresses holding between 100 and 1,000 BTC have been steadily increasing their positions, even as Bitcoin’s price remains under pressure.
Bitcoin experienced $728 million in withdrawals from exchanges this week, while addresses holding between 100 and 1,000 BTC continued to accumulate, even as prices declined. pic.twitter.com/VK8uCbP0E0
— IntoTheBlock (@intotheblock) September 6, 2024
Data from IntoTheBlock highlights the current market trends, showing a 12% decrease in Bitcoin’s price from its halving price of $63.9K.
Historically, Bitcoin’s halving cycles offer clues about future price peaks. On average, the time between a halving event and the next price peak is approximately 480 days. Based on this historical pattern, the next peak is anticipated around the summer of 2025.
This chart shows the returns in each halving cycle
🔴The current cycle marks a ~12% price decrease from its halving price of $63.9K
🟢Historically, the average time between Bitcoin’s halving event and the next peak is around 480 days, which would place it in the summer of 2025. pic.twitter.com/ZTraSvbegk
— IntoTheBlock (@intotheblock) September 7, 2024
Bitcoin Spot ETFs Recorded Over $170 Million Outflows
In addition to exchange withdrawals, Bitcoin spot ETFs have also seen significant net outflows. On September 6, the total outflow from Bitcoin spot ETFs amounted to $170 million, marking the eighth consecutive day of outflows. Notably, Grayscale’s GBTC ETF saw an outflow of $52.87 million, while Fidelity’s FBTC ETF experienced an outflow of $85.52 million. These ongoing withdrawals have pushed the total net asset value of Bitcoin spot ETFs down to $48.24 billion, dipping below the $50 billion mark.
On September 6, the total net outflow of Bitcoin spot ETFs was $170 million, and the net outflow continued for 8 consecutive days. Grayscale ETF GBTC outflowed $52.871 million, and Fidelity FBTC outflowed $85.52 million. Currently, the total net asset value of Bitcoin spot ETFs…
— Wu Blockchain (@WuBlockchain) September 7, 2024
As institutional outflows persist and large BTC holders continue accumulating, Bitcoin’s market outlook remains uncertain. However, with the next expected halving cycle peak still over a year away, many traders and investors are closely monitoring these trends for signs of a potential market rebound in 2025.
For now, the crypto market remains in a state of flux, with large-scale movements and outflows creating a cautious yet hopeful sentiment among market participants.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-sees-major-withdrawals-as-large-holders-accumulate-amid-price-decline/