Bitcoin whales just moved $4.7B dollars into cold storage while regular investors are busy panic selling the dip

Bitcoin experienced a sharp selloff last week, triggering a significant accumulation event. Data shows a record $4.7 billion worth of Bitcoin moved into wallets associated with long-term holding, even as exchange-traded funds (ETFs) saw net outflows. This influx occurred after a period of deleveraging that drove Bitcoin's price down to $60,000, its lowest point since 2022, before a partial recovery to around $70,000. Notably, Strategy, a public company with a BTC-heavy treasury, purchased an additional $90 million in Bitcoin during this period, and Binance’s SAFU fund added $300 million worth. While these large purchases suggest strong conviction, ETF outflows indicate continued selling pressure from institutional investors. The market's future direction will depend on whether accumulation continues and ETF flows stabilize, alongside broader risk sentiment.

(Source：CryptoSlate)