In spite of the fact that Bitcoin (BTC) led the broader cryptocurrency market selloff on October 7, BTC’s market capitalization fell by over 70 billion over the past 24 hours; on-chain data indicates that the net supply of BTC on crypto exchanges has declined as outflows surged to a 7-month high.
A net outflow of 24,073 Bitcoin from crypto exchanges was recorded on Monday, the biggest single-day exodus since March 1, according to data Finbold fetched from Santiment. As a result, the net supply of Bitcoin available for trading has drastically declined to the lowest level in 7 months and 5 days.
This significant volume of Bitcoin leaving crypto exchanges has coincided with aggressive accumulation by whales and shark accounts, addresses holding between 10 and 10,000 BTC, led by BlackRock Inc. (NYSE: BLK), as Finbold reported. Specifically, these large Bitcoin wallets added 86,702 BTC over the last 3 weeks, as per metrics from Santiment.
Meanwhile, tiny wallets, Bitcoin addresses holding less than 0.01 BTC, have been on a selling spree over the recent past.
Bitcoin price performance amid whales’ aggressive accumulation
As Bitcoin whales potentially catalyzed heightened accumulation from crypto exchanges, BTC price gained bullish momentum.
Over the past 30 days, although BTC price scaled 5.37% amid intense whale accumulation, it signaled bullish sentiment, potentially a new higher high.
This Whale accumulation and surging exchange withdrawals have restored market confidence. Consequently, crypto analyst Ali Martinez has urged traders to expect another bull run towards his target of $100,000.
Martinez expects BTC’s price to find a strong support level around $82,000, which he believes could set the stage for a rally towards the all-time high (ATH).
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