Bitcoin markets face bearish pressure. | Credit: Mark Rightmire/MediaNews Group/Orange County Register via Getty Images.
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Key Takeaways
Bitcoin whales have sold around $13 billion in BTC in the last 30 days.
U.S. spot BTC ETFs command $144.05 billion in net assets, representing 6.48% of their market cap.
Bitcoin’s dominance is down 3.58% in the past month.
Bitcoin (BTC) whales have been dumping their holdings at rates not seen since 2022, offloading billions of dollars during a rather volatile market period.
Meanwhile, U.S. spot BTC exchange-traded funds (ETFs) have also experienced bearish trends amid ongoing macroeconomic uncertainty.
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Per CryptoQuant data, Bitcoin whale wallets (those holding 1,000 to 10,000 BTC) have offloaded just over 116,000 BTC worth almost $13 billion over the last 30 days, placing considerable pressure on the markets in recent weeks.
Bitcoin whale balances. | Source: CryptoQuant.
What began as a slow creep in August has resulted in a huge dump during the final few days of August and the first week of September.
Among the many global macroeconomic conditions pressuring investors, there is great anticipation surrounding the U.S. Federal Reserve’s announcement of rate cuts this month.
An air of uncertainty looms over the markets, which are teetering between Bitcoin and altcoin seasons, the latter of which appears to be delayed.
Bitcoin ETFs
As per SoSoValue data, BTC ETFs ended last week with $160.18 million in daily total net outflows, lowering September’s monthly inflows to $246.42 million after a strong start.
In the past 30 days, flows have been rather balanced as BTC ETFs recorded 17 days of inflows amounting to $3.17 billion against 13 days of outflows, totaling roughly $3.16 billion.
Bitcoin ETF weekly flows. | Source: SoSoVaue.
However, similarly to trends seen amongst BTC whales, outflows became more pronounced in the final weeks of August.
Despite some efforts to swing August into the green, BTC funds ended the month with $751.12 million in monthly total net outflows.
September began with a two-day inflow streak that drew in $634 million, but this was momentary, as funds posted a $387.6 million net outflow between Sept. 4 and Sept. 5.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
