What exactly are the big players doing right now?
ETFs were still seeing inflows just a few days ago, but then suddenly saw net outflows of $770 million over October 22–23. Clearly, some investors decided to take profits first:
BlackRock alone accounted for half of the outflows. Looking back, BlackRock has seen net inflows of around $2 billion from September through today, with its overall purchase cost basis around $82,000. That means its short-term holdings are still underwater.
U.S. stocks have been getting hammered over the past two trading days, raising clients’ appetite for safe havens. That sentiment spilling over into Bitcoin ETFs makes perfect sense. So the short-term outflows aren’t because BlackRock itself is bearish; its clients are pulling out, forcing it to process redemptions.
Besides, it takes at least months for major institutions to change course. Two or three consecutive weeks of net outflows would be needed to indicate that institutions are systematically pulling back. BlackRock’s Bitcoin ETF accounts for 60% of the entire ETF market, making it a major buying force and a clear market barometer.
Now let’s look at on-chain data:
1) Wallets holding between 10 and 10,000 BTC, $BTC , have been gradually accumulating during the market’s swings, buying a total of 85,000 to 89,000 BTC.
2) Whale holdings have also risen back to 3.03 million BTC, with the fastest monthly accumulation pace since February this year.
3) Since October, market maker Wintermute has transferred 9,458 BTC—worth around $770 million—to 40 new wallets for safekeeping.
4) In addition, Strive holds 36,818 BTC, while treasury companies such as Strategy have bought a combined 135,979 BTC and are still accumulating.
Their stance is clear: buy the dips and lock up the coins. The short-term players are selling high and seeking safety, while the long-term players are accumulating on dips. The market is still caught in a tug-of-war.
Don’t mistake short-term outflows for a signal of a major crash, and don’t take whale accumulation as a sign that prices are about to skyrocket. Just be patient and hold on to your coins～
Follow me and join my group chat. Lao Bai will help you make sense of things and stay on track👇
ETFs were still seeing inflows just a few days ago, but then suddenly saw net outflows of $770 million over October 22–23. Clearly, some investors decided to take profits first:
BlackRock alone accounted for half of the outflows. Looking back, BlackRock has seen net inflows of around $2 billion from September through today, with its overall purchase cost basis around $82,000. That means its short-term holdings are still underwater.
U.S. stocks have been getting hammered over the past two trading days, raising clients’ appetite for safe havens. That sentiment spilling over into Bitcoin ETFs makes perfect sense. So the short-term outflows aren’t because BlackRock itself is bearish; its clients are pulling out, forcing it to process redemptions.
Besides, it takes at least months for major institutions to change course. Two or three consecutive weeks of net outflows would be needed to indicate that institutions are systematically pulling back. BlackRock’s Bitcoin ETF accounts for 60% of the entire ETF market, making it a major buying force and a clear market barometer.
Now let’s look at on-chain data:
1) Wallets holding between 10 and 10,000 BTC, $BTC , have been gradually accumulating during the market’s swings, buying a total of 85,000 to 89,000 BTC.
2) Whale holdings have also risen back to 3.03 million BTC, with the fastest monthly accumulation pace since February this year.
3) Since October, market maker Wintermute has transferred 9,458 BTC—worth around $770 million—to 40 new wallets for safekeeping.
4) In addition, Strive holds 36,818 BTC, while treasury companies such as Strategy have bought a combined 135,979 BTC and are still accumulating.
Their stance is clear: buy the dips and lock up the coins. The short-term players are selling high and seeking safety, while the long-term players are accumulating on dips. The market is still caught in a tug-of-war.
Don’t mistake short-term outflows for a signal of a major crash, and don’t take whale accumulation as a sign that prices are about to skyrocket. Just be patient and hold on to your coins～
Follow me and join my group chat. Lao Bai will help you make sense of things and stay on track👇