Bitcoin (BTC) Price Struggles as Whales Move $400M into Exchanges
- 王林Original
- 2024-09-08 21:14:14665browse
The Bitcoin price and the broader crypto market have struggled over the past two weeks. With further price declines, investors have started moving funds
Bitcoin (BTC) price movements have been closely monitored over the past two weeks as the broader crypto market faced significant sell-offs.
As BTC price dropped below the $54,000-level on Sept. 6, crypto exchange data showed large inflows of over 7,300 BTC, valued at around $400 million at the reporting time.
Bitcoin price attempts to hold above $54K as investors move over 7,300 BTC to exchanges
Bitcoin price showed signs of recovery on Sept. 7, following a massive sell-off that drove BTC to a one-month low of around $53,000 the day prior.
The sell-off triggered a wave of liquidations in the crypto market, with total losses amounting to $295 million on Sept. 7 alone.
As Bitcoin price attempts to sustain levels above $54,000, new data from IntoTheBlock highlights key movements of BTC into centralized crypto exchanges.
According to the analytics firm, large inflows of over 7,300 BTC were observed, valued at around $400 million.
The massive inflows come as BTC price dropped below the $54,000-level on Sept. 6.
At the time of reporting, BTC price showed a 0.25% gain in the past 24 hours, trading at $54,450.
Despite the rebound, the asset’s price is still down by 15% from its local high of around $64,400 on Aug. 25.
Bitcoin price 24-hour performance. Source: IntoTheBlock
Over 10,310 BTC entered crypto exchanges in the past 30 days
IntoTheBlock’s data also showed that over 10,310 BTC entered centralized crypto exchanges in the past 30 days, while around 23,000 BTC were withdrawn from the exchanges.
This marks a netflow of 10,310 BTC into the exchanges, valued at over $560 million at the reporting time.
Bitcoin net exchange flow. Source: IntoTheBlock
Crypto whale transactions reached $68 billion in the past week
Data from IntoTheBlock also showed that large whale transactions, consisting of at least $100,000 worth of BTC, reached a total of $68 billion over the past week.
Meanwhile, the large holders’ netflow to exchange netflow ratio is currently at 1.4%, according to data from IntoTheBlock.
The indicator shows that whales have been more active than retail wallets amid the declining Bitcoin price.
Bitcoin whale transactions. Source: IntoTheBlock
Retail addresses make up 88.4% of total Bitcoin holders
It’s worth noting that retail addresses, defined as those holding less than 10 BTC, still constitute the majority of Bitcoin holders, comprising 88.4% of the total, according to IntoTheBlock.
In comparison, whale wallets, which hold at least 1,000 BTC, cover less than 12% of the total BTC supply.
Bitcoin holder composition. Source: IntoTheBlock
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