
Is Confidence in Whales Decreasing? Analytics Company Analyzes Accumulation Patterns of Major Bitcoin Investors After Price Decline
Analytics company IntoTheBlock has issued a warning, stating that wealthy investors in Bitcoin (BTC) are starting to show signs of fatigue. IntoTheBlock explains on the social media platform X that Bitcoin whales have consistently taken advantage of the crypto king’s price dips since March to accumulate more BTC. However, the analytics firm cautions that wallets holding more than 1,000 BTC are beginning to lose interest in buying the dip, as Bitcoin struggles to maintain its bullish momentum above $60,000. IntoTheBlock notes that the netflow of large holders, which measures the amount of BTC flowing in and out of whale wallets, has significantly dropped since its peak in March. The company questions whether this decline in accumulation indicates that whales are becoming less willing to buy the dip. At the time of writing, Bitcoin is valued at $62,671, representing a 1.31% decrease in the last 24 hours. IntoTheBlock is also closely monitoring the actions of investors in Chainlink (LINK), a decentralized oracle crypto project. Despite its recent bearish price movement, the analytics firm reports that market participants are accumulating LINK. Over the past month, there has been a negative net flow from exchanges for LINK, indicating accumulation. During this period, approximately 3.6 million LINK has been transferred out of exchanges. Currently, LINK is valued at $14, experiencing a more than 3.6% decline for the day.