IntoTheBlock: Relevant indicators show that whales have not resumed the trend of BTC accumulation in the market rebound

Blockchain analytics firm IntoTheBlock’s “large holder netflow” metric shows that addresses holding at least 0.1% of Bitcoin’s circulating supply have accumulated more than 3,000 BTC ($198 million) today, which is far less than the net inflow of nearly 80,000 BTC ($5.3 billion) a day after BTC fell below $61,000 on March 20. According to IntoTheBlock, large wallets or whales are good at timing the market and usually choose the best time to accumulate or distribute cryptocurrencies. Therefore, tracking the netflow metric can provide insight into the thinking of large traders and the sustainability of current trends. The lack of participation by whales during the market rally means that whales may be expecting further price declines. Bitcoin fell more than 5% last week as a rising U.S. dollar index and Iran-Israel tensions triggered flows from risk assets such as stocks and cryptocurrencies to gold. According to IntoTheBlock, the netflow metric is sensitive to wallets associated with U.S.-listed Bitcoin spot ETFs, and traders should pay close attention to ETF flows on Monday. (CoinDesk)