Record Inflow of 7,130 Bitcoin (BTC) to Large Wallets Sets New Benchmark

Despite Bitcoin struggling to break past the $62,000 resistance level recently, market whales are taking advantage of the current market downturn to accumulate the digital currency. As of now, Bitcoin is trading at $61,207.22, reflecting a modest 0.31% increase over the past 24 hours. This period of lower prices has provided an attractive entry point for long-term investors.

According to data from crypto analytics platform IntoTheBlock, despite prevailing market FUD (fear, uncertainty, and doubt), the net inflow into Bitcoin’s largest wallets has reached a new historical high, surpassing levels last seen in late May. The data indicates that wallet addresses holding at least 0.1% of the total Bitcoin supply have added 7,130 Bitcoin units. This substantial inflow, valued at approximately $436 million, represents the highest whale volume recorded on June 24 alone.

This significant acquisition by large Bitcoin holders serves as a strong vote of confidence in the digital currency. The continued support from these whales is likely to bolster price resilience and could potentially trigger a rebound in Bitcoin’s value.

The spot Bitcoin ETF market has also seen notable activity, with a consistent outflow of funds from these ETFs driven by capital movements away from major players like Grayscale and Fidelity Investments.

While Bitcoin often sets the overall trend for the crypto industry, its current stability could be further enhanced if the spot Ethereum ETF receives S-1 approval in the near future. VanEck has already filed form 8-A for its ETH ETF product, suggesting that the SEC’s approval for trading is imminent. Given that the approval of the spot Ethereum ETF in May sparked a market rally, there is an expectation that similar news could have a comparable impact on the market.