Crypto News

Bitcoin’s Largest Wallets See Major Inflows Amid Market Uncertainty

Despite the prevailing market fear, uncertainty, and doubt (FUD), Bitcoin’s largest wallets have experienced a significant net inflow, marking the highest level since late May.

Yesterday alone, holders controlling at least 0.1% of the total BTC supply added 7,130 BTC, valued at approximately $436 million, to their wallets.

Meanwhile, the German government has been actively transferring its Bitcoin holdings. In the latest move, the government transferred 750 BTC (valued at $46.27 million), which included:
– 125 BTC ($7.71 million) to Kraken
– 125 BTC ($7.71 million) to Bitstamp
– 500 BTC ($30.85 million) to wallet “139PoPE1bK”
– 0.001 BTC to Flow Traders (likely a test transaction)

These transactions were executed by the German Federal Criminal Police Office (BKA). Over the past week, around 4,250 BTC (approximately $271.3 million) have been moved out of the German government’s wallets at an average price of $63,828. The government currently holds 45,609 BTC, valued at $2.8 billion.

Bitcoin ETFs Market Turns Positive After Having A Rough Ride Few Days Back

In addition, the Bitcoin ETF market has shown positive momentum. As of June 25, 2024, the net inflow into Bitcoin ETFs totaled $31 million, breaking a seven-day streak of negative flows. Fidelity’s FBTC experienced the largest inflow at $48.8 million, while BlackRock’s IBIT recorded a net flow of $0 for the past three days. Conversely, Grayscale’s GBTC saw another outflow of $30.3 million.

On the trading front, 72.19% of all accounts on Binance with an open Bitcoin position are currently going long, indicating a bullish sentiment among traders.

These developments highlight a growing confidence in Bitcoin among major holders and institutional investors, despite broader market concerns. As large entities continue to accumulate BTC, the market may see renewed strength and stability in the coming weeks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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