The Bitcoin (BTC) price has been experiencing significant fluctuations, but the whales have been taking advantage of these dips to accumulate more. The current exchange supply of BTC has dropped to its lowest levels since December 2021, indicating a more stable outlook for the market.

Whales Accumulate at Every Dip

Recent data from CryptoQuant shows that over 20,000 Bitcoins have flowed into whale wallets during the recent market correction. This indicates that large investors are capitalizing on every dip to increase their holdings. The whales are seizing the opportunity to boost their reserves by taking advantage of the market fluctuations.

ETF Inflows Resume

The US Bitcoin ETFs have witnessed strong inflows over the past three weeks. After a brief period of net outflows, the inflows have resumed, with the spot Bitcoin ETFs recording a net inflow of $101 million on Wednesday. The Grayscale GBTC outflows have stopped, and Fidelity's FBTC ETF is leading the chart with a daily inflow of $50.6 million.

Exchange Supply Drops to 3-Year Low

The total Bitcoin supply on exchanges has dropped under 1 million to 942,000 Bitcoins, the lowest level since December 2021. This reduced supply on exchanges indicates a lower risk of any significant price drop due to the limited available supply for sale. The constrained supply at the exchange highlights a more stable outlook for the broader cryptocurrency market.

Short-term Sentiment Surges

The short-term sentiment for Bitcoin investments has surged by 55% since the arrival of spot Bitcoin ETFs earlier this year. This surge in sentiment suggests that investors are becoming more optimistic about the future of Bitcoin.

Market Outlook

As of press time, the Bitcoin price is trading at $67,500 levels. On the downside, $67,000 remains a crucial support breaking which can open the gates to a correction to $65,000 and $62,500 subsequently.