The percentage of Bitcoin supply held by addresses that bought within the last 12 months has reached its highest point in two years, signaling renewed interest from newer investors.
This surge has been driven in part by a significant inflow of capital into Bitcoin exchange-traded funds (ETFs).
According to data from @intotheblock, Bitcoin ETFs saw a remarkable inflow of $2.1 billion over the last five days, contributing to a strong upward trend in demand.
The % of #Bitcoin supply held by addresses that bought in the last 12 months is at a 2-year high.
This trend has accelerated recently, as the ETFs have seen an inflow of $2.1B over the last five days, according to @intotheblock pic.twitter.com/SyknWvFSrt
— Satoshi Club (@esatoshiclub) October 18, 2024
Transaction fees on the Bitcoin network have also tripled in just a week. This spike was largely driven by a resurgence of meme coins on Bitcoin, which had been losing traction over recent months. As a result, network activity has increased, pushing fees higher.
BTC fees tripled week over week, as meme coins on Bitcoin resurged after months of trending down pic.twitter.com/VhSq7uDx9f
— IntoTheBlock (@intotheblock) October 18, 2024
After 193 trading days, cumulative net inflows for 11 Bitcoin ETFs have now reached an impressive $20 billion. Excluding Grayscale’s GBTC, the total rises to $40 billion.
Over the past three days alone, the 11 Bitcoin ETFs attracted $1.39 billion, with no recorded outflows.
Leading the charge is BlackRock’s IBIT, which added 11,331 BTC ($762 million) to its holdings, bringing its total to 380,971 BTC ($25.7 billion)—representing over one-third of all U.S. spot Bitcoin ETF holdings.
🚀 The cumulative net inflows for 11 Bitcoin ETFs have finally reached $20 billion after 193 trading days!
Excluding #Grayscale (GBTC), the total jumps to $40B. In just the first 3 days of this trading week, the 11 BTC ETFs have brought in $1.39B, with no outflows.
In… pic.twitter.com/ZatelEbAGc
— Spot On Chain (@spotonchain) October 17, 2024
Long-term Bitcoin Holder Sells Off For Some Profits
Meanwhile, a notable “diamond hand” trader sold 199 BTC ($13.55 million) for profit just one hour ago. This individual originally withdrew 801 BTC ($8.25 million) from HTX five years ago and has since sold 500 BTC ($32.13 million) in the past month, leaving them with 301 BTC ($20.42 million) and a total profit of $44.28 million.
A diamond hand sold 199 $BTC($13.55M) for profit again 1 hour ago.
This guy withdrew 801 $BTC($8.25M) at $10,297 from #HTX 5 years ago and sold 500 $BTC($32.13M) in the past month.
He currently holds 301 $BTC($20.42M), with a total profit of $44.28M!
Address:… pic.twitter.com/DyXhf7BN1x
— Lookonchain (@lookonchain) October 18, 2024
Whales are increasingly accumulating Bitcoin, a pattern reminiscent of the post-COVID crash in 2020. This behavior suggests anticipation of a potential price surge following Bitcoin’s next halving event, positioning these large holders for long-term gains.
On October 17, the total net inflow of Bitcoin spot ETFs was $470 million. The inflow of BlackRock ETF IBIT was $309 million. Ark Invest and 21Shares' ETF ARKB had a net inflow of $100 million. Ethereum spot ETF inflow was $48.4 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 18, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: weedezign/123RF // Image Effects by Colorcinch
