Crypto analytics platform IntoTheBlock says that Bitcoin (BTC) is potentially experiencing significant levels of accumulation amid price dips.
In a new report, IntoTheBlock says that it is following Bitcoin’s exchanges netflows metric, tracking the total outflows of BTC from crypto exchanges minus its total inflows during a seven-day period.
[adinserter block="1"]According to the analytics firm, positive outflows suggest that market participants are withdrawing BTC from centralized exchanges, pointing to accumulation.
“Almost half a billion worth of Bitcoin left centralized exchanges [last week], with investors seemingly eager to accumulate near the $40k level.”
Bitcoin is exchanging hands for $40,764 at time of writing.
Data from IntoTheBlock also shows that even as Bitcoin stays over 40% below the all-time high price of about $69,000, the majority of BTC’s investors are in profit.
Sixty percent of Bitcoin holders are in the money or above the breakeven price while approximately 35% are holding Bitcoin at a loss, according to IntoTheBlock.
In terms of the holding duration, IntoTheBlock reveals that 58% of BTC owners have held their BTC stack for over 12 months.
Looking at Ethereum (ETH), IntoTheBlock says the leading smart contract registered net inflows last week, bucking a four-week trend of net outflows,
“ETH recorded inflows of approximately $100 million into centralized exchanges after four consecutive weeks of large outflows.”
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