Bitcoin experienced a notable upsurge in the past 24 hours, reaching a high of $67,000, buoyed by strong support from key whale tier holders with holdings ranging from 1,000 to 10,000 BTC.
🐳 #Bitcoin's key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024. This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of #FOMO. https://t.co/fNSTOERzXo pic.twitter.com/qaJmQJfFca
— Santiment (@santimentfeed) April 24, 2024
These whales have steadily accumulated an additional 266,000 BTC since the beginning of 2024, amounting to 1.24% of the total Bitcoin supply. The market sentiment is also characterized by a significant level of FOMO, further bolstering the bullish momentum.
However, recent data from Lookonchain indicates that a newly created wallet, 3CBS3t3d2Ui4Mma6YcuHHHR42VcJHnGMsb, withdrew 500 BTC ($33.07 million) from Binance within the past 24 hours.
Did anyone buy 500 $BTC today?
We noticed a fresh wallet withdrew 500 $BTC($33.07M) from #Binance 1 hour ago.
Address:
3CBS3t3d2Ui4Mma6YcuHHHR42VcJHnGMsb pic.twitter.com/nWhHMllOd2— Lookonchain (@lookonchain) April 23, 2024
This withdrawal suggests a degree of profit-taking or strategic maneuvering by individual investors amidst the ongoing price rally.
Analyst Ali Martinez highlighted a concerning trend, revealing that the Bitcoin accumulation trend score has dropped to zero. This implies that whales may be either distributing their holdings or refraining from accumulating additional BTC at current price levels.
#Bitcoin accumulation trend score has dropped to zero, indicating that whales are distributing or not accumulating $BTC at the current levels! pic.twitter.com/zynub6w9o6
— Ali (@ali_charts) April 23, 2024
Additionally, the TD Sequential indicator has flashed a sell signal on the 12-hour chart, indicating potential resistance at the mid-level of a parallel channel. Traders are advised to exercise caution, particularly if Bitcoin drops below the critical support level of $65,500.
Bitcoin ETF Net Inflow Turns Positive For Consecutive Trading Days
On the institutional front, data from Spotonchain shows that Bitcoin ETF net inflow for April 23, 2024, amounted to a positive $32 million, marking the third consecutive day of net inflows. Notably, the outflow from Grayscale Bitcoin Trust (GBTC) has remained below $100 million for four consecutive trading days, indicating relatively stable market dynamics.
🚨 $BTC #ETF Net Inflow Apr 23, 2024: +$32M!
• The net inflow has been positive for 3 consecutive trading days.
• The single-day outflow of #Grayscale Bitcoin Trust $GBTC remains under $100M for 4 trading days in a row.
• Generally, all 10 #Bitcoin #ETFs, especially… pic.twitter.com/puqBk8faGv
— Spot On Chain (@spotonchain) April 24, 2024
However, all 10 Bitcoin ETFs, including the BlackRock iShares Bitcoin Trust (IBIT), have shown weak flows recently, suggesting a degree of investor apprehension.
As Bitcoin continues to navigate through these market dynamics, traders and investors are advised to closely monitor key support and resistance levels to make informed decisions amidst the evolving market conditions.
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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