Analytics firm IntoTheBlock has issued a warning, stating that wealthy Bitcoin investors are displaying signs of fatigue. According to IntoTheBlock, Bitcoin whales have consistently taken advantage of opportunities to buy BTC whenever its price drops since March of this year. However, the analytics firm cautions that wallets holding over 1,000 BTC are becoming less interested in buying the dip as Bitcoin struggles to maintain its bullish momentum above $60,000. IntoTheBlock notes that the netflow of large holders, which measures the amount of Bitcoin moving in and out of whale wallets by calculating inflows minus outflows, has significantly decreased since its sharp increase in March. The firm questions whether the conviction of these whales is dwindling, as each spike in accumulation by these holders is smaller than the previous one. The current price of Bitcoin is $62,671, representing a 1.31% decrease in the last 24 hours.
IntoTheBlock is also closely monitoring the actions of investors in Chainlink, a decentralized oracle cryptocurrency project. Despite recent bearish price movements, the analytics firm observes that market participants are accumulating LINK. Over the past month, data shows a negative net flow from exchanges for LINK, indicating accumulation. During this period, the total net outflow reached nearly 3.6 million LINK. The current value of LINK is $14, reflecting a decrease of more than 3.6% for the day.
