Bitcoin has witnessed a remarkable $6 billion in net outflows from exchanges over the past week, driven by a strong accumulation phase among retail investors. According to data from IntoTheBlock (ITB), the largest single-day outflow occurred on November 19, totaling $3.9 billion. These outflows coincided with Bitcoin’s impressive rally, which saw its price climb to a new all-time high (ATH) of $99,655 on November 23.
The surge in retail demand for Bitcoin also coincided with a notable increase in investment into Bitcoin exchange-traded funds (ETFs), particularly in the U.S. ITB data shows a $3.38 billion weekly net inflow into spot BTC ETFs, which played a key role in pushing Bitcoin close to the $100,000 mark.
However, as Bitcoin approached its ATH, whale activity—defined as transactions over $100,000—began to cool. Between November 21 and 24, the number of large transactions dropped significantly from 32,000 to 19,500. The total value of these transactions also plummeted from $136.4 billion to $53.6 billion during the same period. This decline in whale activity suggests that large holders may have been less active, leaving the door open for smaller investors to drive the market.
Despite the slowdown in whale transactions, data from ITB reveals a shift in net flow among large Bitcoin holders. On Sunday, November 24, large holders saw a net inflow of 4,090 BTC, compared to a net outflow of 9,190 BTC just days earlier. This increase in whale accumulation, coupled with Bitcoin’s recent price surge, could spur “fear of missing out” (FOMO) among market participants, potentially increasing buying pressure across both retail and institutional investors.
Bitcoin has since been consolidating around the $98,000 range, with its daily trading volume seeing a 27% increase, reaching $55 billion in the last 24 hours. However, the broader cryptocurrency market saw a slight decline, with the global market cap slipping 2.3% to $3.47 trillion. Liquidations across the market reached $494 million, with Bitcoin’s dip below the $98,000 mark triggering a broader pullback, particularly among smaller altcoins.
In summary, while retail investors have been the main drivers of Bitcoin’s rally, recent data indicates that whales are slowly returning to the market, potentially setting the stage for further upward momentum.
