Whales didn’t sell Bitcoin at $62k, on-chain data shows

Whales have chosen not to sell their Bitcoin holdings as the price of BTC exceeded $62,000, according to on-chain data. Despite Bitcoin experiencing a slight decline in the past 24 hours and trading at around $61,950, large Bitcoin holders recorded a net inflow of 205 BTC on October 5. This suggests that whales remain confident in the market and are not participating in the recent selloff. Additionally, the transaction volume of Bitcoin whales decreased by 48% on the same day, indicating price consolidation and lower volatility. Furthermore, data from IntoTheBlock reveals that there has been a net outflow of $153 million worth of Bitcoin from centralized exchanges over the past week, indicating a potential trend of accumulation. However, it’s essential to recognize that external factors such as macroeconomic events and geopolitical tensions can quickly alter the course of financial markets, including the crypto sector.