TechFlow reported, according to IntoTheBlock's "In/Out of the Money" metric, addresses holding at least 0.1% of Bitcoin's circulating supply added only 3,000 BTC ($198 million) today—far less than the nearly 80,000 BTC ($5.3 billion) net inflow seen after the price dropped below $61,000 on March 20.
Large wallets, or whales, are skilled at market timing and often choose optimal moments to accumulate or distribute tokens. Therefore, tracking the net inflow metric can provide insight into the mindset of large traders and the sustainability of current trends. The lack of whale participation in the recovery suggests they may anticipate further price declines.
IntoTheBlock noted that the net inflow metric is sensitive to wallets associated with U.S.-listed spot exchange-traded funds (ETFs), and traders should closely monitor ETF flows on Monday.
