Bitcoin Whales Cash Out as Investment Products See Record Inflows
Major Bitcoin ($BTC) holders, known as whales, are cashing out and taking profits, with addresses holding over 1,000 BTC seeing a 4.83% drop in two weeks, according to data from the cryptocurrency’s blockchain. This trend of whales cashing out corresponds to Bitcoin’s price increase of nearly 70% this year, reaching a new all-time high of over $72,000.
Bitcoin Whales Cashing Out
- Addresses holding over 1,000 BTC have seen a 4.83% drop in two weeks
- Data from cryptocurrency blockchain shows the trend of whales cashing out
Record Inflows in Investment Products
- Cryptocurrency investment products saw record weekly inflows of $2.7 billion
- Bitcoin and Solana ($SOL) products received more inflows, while Ethereum ($ETH) saw outflows
According to CoinShares’ latest Digital Asset Fund Flows report, Bitcoin investment products received inflows of $2.63 billion over the past week, with Solana-focused products seeing $23.6 million in inflows. The total year-to-date inflows of $10.3 billion are close to the record inflows of $10.6 billion seen in 2021.
Total Market Capitalization of Bitcoin
- Bitcoin’s price rise has led its market capitalization to surpass that of silver
- Market capitalization is close to surpassing tech giant Alphabet’s total
Bitcoin’s market capitalization is now approaching the total market capitalization of tech giant Alphabet, which is around $250 billion away. This surpasses the market capitalization of silver.
Hot Take: What Does This Mean for Bitcoin Investors?
Investors are seeing Bitcoin whales cash out while investment products receive record inflows. This dynamic market situation poses both challenges and opportunities for Bitcoin and cryptocurrency investors.
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