$BTC
Bitcoin Retail and ETF Outflows Hit $494 Million as Analysts See Market Bottom
Bitcoin portfolios hit a five-month low as retail investors sell off, while whales hoard billions and institutional outflows continue amid global economic uncertainty.
Retail investors are increasingly liquidating their Bitcoin holdings amid rising institutional outflows and rising geopolitical tensions around the world.
By comparison, the Bitcoin network had over 52.56 million such portfolios on Jan. 20, when Bitcoin hit an all-time high of $109,000, according to data from Cointelegraph Markets Pro.
However, the bulk of the selling pressure came from spot Bitcoin exchange-traded funds (ETFs) in the U.S.
Bitcoin ETFs saw over $251 million in cumulative net outflows on Feb. 12, marking the third consecutive day of negative net inflows totaling $494 million, according to data from Farside Investors.
However, some analysts believe the crypto market is gearing up for a reversal, based on growing accumulation among large Bitcoin holders, also known as whales.
Whales accumulate nearly $3.8 billion during the dip
Large Bitcoin holders accumulated over 39,620 BTC, valued at over $3.79 billion, in cumulative net inflows in a single day on Feb. 5, when Bitcoin was trading below $97,600, according to data from IntoTheBlock.
