Analytics firm IntoTheBlock has issued a warning that deep-pocketed Bitcoin (BTC) investors are starting to show signs of exhaustion.
IntoTheBlock said on social media platform
However, the analytics firm warned that wallets holding more than 1,000 BTC are starting to show disinterest in buying the dip as Bitcoin struggles to maintain bullish momentum above $60,000.
IntoTheBlock says net flows from large holders, a metric that tracks bitcoin flowing into and out of whale wallets by measuring inflows minus outflows, have plummeted after surging in March.
“Whales are buying dips, but is their confidence waning?
Addresses holding more than 1,000 BTC have accumulated strongly in recent months, especially during the downturn.
Prices soon increased with each accumulation.
However, note that each cumulative surge by these holders is smaller than the last.
Does this mean whales are having less and less desire to buy dips?”
As of this writing, the value of Bitcoin is $62,671, down 1.31% in the last 24 hours.
IntoTheBlock is also closely watching investor activity in Chainlink (LINK), a decentralized oracle cryptocurrency project. Market participants are loading LINK despite recent bearish price action, according to the analytics firm.
“Despite recent price movements, last month’s data shows net flows on the LINK exchange are negative, indicating accumulation.
Total net outflow during this period amounted to almost 3.6 million LINK.”
As of this writing, LINK’s value is $14, down more than 3.6% on the day.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3