- There was a sharp jump in the number of institutional investors.
- Fees collected by miners dropped 32% in the week.
In what was a sign of clear bullish sentiment, Bitcoin [BTC] worth nearly $540 million was pulled out of centralized exchanges over the last week. This, according to on-chain analytics firm IntoTheBlock, was the largest weekly net outflow since June 2023.
Typically, spikes in exchange outflows imply a short-term accumulation trend, likely motivated by expectations of higher returns in the future.
The trend also reflected investors’ preference to HODL rather than liquidate their holdings for gains. This was interesting considering that more than 94% of all Bitcoin entities were in profit as of this writing, according to AMBCrypto’s analysis of Glassnode’s data.
What the traders are up to
Another telling indicator of a broader market accumulation was the jump in the number of institutional investors.
The number of unique entities holding at least 1k coins reached 1,670 at press time, an increase of 12% over the last month. This figure was also reminiscent of the early bull market period of 2021.
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Author: Aniket Verma
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