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.
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.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Athitat Shinagowin/Andy Chipus