Bitcoin (Bitcoin) Net stock market inflows rose to their largest single-day level in the past 30 days on April 27, fueled by whale investors.
On Monday, the net inflow of bitcoin to cryptocurrency exchanges reached more than 9,905 bitcoin, worth more than $754.4 million at press time, according to data from Cryptoquant. Notably, the exchange whale ratio, which shows the share of exchange inflows dominated by the 10 largest deposits, jumped to the highest level in more than a week at 0.707, indicating that large bitcoin holders controlled inflows, according to to update from Cryptoquant.
As a result, holdings of cryptocurrency exchanges increased from 2.666 million BTC on April 25 to 2.677 million BTC by April 28. The rise in cryptocurrency exchanges’ holdings coincided with the end of 9 consecutive days of cash flows into spot Bitcoin exchange-traded funds (ETFs) on Monday.
After reporting a net inflow of more than $2.1 billion between April 14 and 24, US Bitcoin (BTC) ETFs recorded a net cash outflow of $263.18 million on Monday, based on… Metrics from SoSoValue.
Bitcoin price indicates a shift in trend with renewed spot selling
Following renewed spot Bitcoin selling by whale investors, the major currency has signaled a shift in trend. For the first time since the beginning of April, Bitcoin has closed consistently below log trendline support over the past 24 hours, trading at around $76,166 at press time.
BTC/USD one-hour chart. Source: Trading View
Renewed selling pressure from whale investors weighed on the bullish momentum largely fueled by financial derivatives markets, such as Finbold He explained. As such, Bitcoin price faces more bearish sentiment in the near term, with a possible drop below $60,000 if whales continue to capitulate.
