On-chain data reveals that Bitcoin whale outflows have significantly decreased as the cryptocurrency stays above the $68,000 mark. Data from IntoTheBlock shows that whale net flow shifted from an outflow of 1,650 BTC on October 17 to an inflow of 211 BTC by October 19, indicating large holders are accumulating.

New Whale Addresses Surge

According to CryptoQuant CEO Ki Young Ju, the number of new whale addresses, holding at least 1,000 BTC, has surged by 813% since the start of the year. These addresses now hold over 1.97 million coins, further supporting the upward momentum of Bitcoin.

A major factor driving Bitcoin’s bullish movement is the rising interest in U.S.-based spot Bitcoin exchange-traded funds (ETFs). Last week, these ETFs recorded a $2.1 billion inflow, bringing the total net inflows to over $21 billion.

Exchange Outflows Point to Reduced Selling Pressure

Data from IntoTheBlock also shows that Bitcoin exchange net flows have remained negative for the third consecutive day, with a net outflow of over 2,300 BTC ($157 million) on October 19. This suggests lower selling pressure, although short-term profit-taking may occur with Bitcoin nearing its all-time high of $73,750.

With a current market cap of $1.35 trillion and a daily trading volume of $13.8 billion, Bitcoin’s trading activity has decreased by 55%, potentially leading to lower price volatility in the near future.