Bitcoin is facing another correction after crossing the $62,000 level on October 2nd. However, data shows that whales are not responsible for the recent decline.
Amid rising geopolitical tensions between Iran and Israel, Bitcoin (BTC) consolidated around the $60,000 zone from October 1st to October 4th.
Immediately after the US employment report, the entire crypto market showed bullish momentum, with the leading cryptocurrency reaching a local high of $62,370 on October 5th.
BTC Price – October 6 |Source: crypto.news
Bitcoin has fallen 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Daily trading volume decreased by 53% and now stands at $12.2 billion.
According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on October 5th while outflows remained neutral. On-chain indicators show that the whale did not sell Bitcoin when the price crossed the $62,000 mark.
BTC Whale Netflow – October 6th | Source: Into the Block
Meanwhile, Bitcoin whale trading volume fell by 48% on October 5, dropping from $48 billion worth of BTC to $25 billion worth. A decrease in trading volume or trading volume usually indicates stable prices and less volatility.
According to ITB data, Bitcoin recorded $153 million in net outflows from centralized exchanges over the past week. Increased currency outflows suggest accumulation as bullish expectations for October rise.
It is important to note that macroeconomic events or geopolitical tensions can cause sudden changes in the direction of financial markets, including cryptocurrencies.
