- Bitcoin wallets holding between 1,000 and 10,000 BTC increased their holdings while prices slid over the past few days, while those owning less than 1 BTC were sellers, IntoTheBlock data shows.Bitcoin ETFs saw $168 million net outflows on Monday, led by Grayscale’s GBTC, Fidelity’s FBTC and 21Shares/Ark Invest’s ARKB.ETF investors held on “much stronger” than expected with only 0.3% of the assets leaving the funds, argued one analyst.
In simpler terms, when prices dropped, major Bitcoin investors (referred to as ‘whales’) took advantage and bought more, while smaller investors chose to sell during a period of fear, according to data from blockchain analysis company IntoTheBlock.
Analysts from IntoTheBlock noted that crypto wallets containing between 1,000 to 10,000 Bitcoins, currently valued between $56 million and $560 million, showed faith during the recent market downturn by continually increasing their holdings as prices decreased.
Eric Balchunas, a senior analyst at Bloomberg Intelligence specializing in ETFs, emphasized a positive perspective. He pointed out that the outflows accounted for just 0.3% of the total assets managed in these ETFs. Additionally, he mentioned that BlackRock’s largest spot fund, with $18 billion in assets, did not experience any net outflows.
Balchunas commented that, compared to the total transactions of the previous day, it was insignificant. However, he mentioned a possibility of further outflows this week. Initially, he anticipated around two billion dollars might be withdrawn. So far, it appears that the figures are much stronger than his expectations.
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2024-08-06 19:19