BTC tumbled to the $49,000 mark over the last weekend as its price was severely affected by Japan’s Nikkei taking a bloodbath. US stocks also took a massive beating in the process. BTC has since recovered to some degree, trading over $56,000 at the beginning of the week and eventually reclaiming the $60,000 mark.

Through this undesirable scenario, Bitcoin whales, or wallets holding over 1,000 BTC, pushed through without selling. In fact, wallets holding between 1,000 and 10,000 BTC remained grounded despite the grave uncertainties. These users hold between $56 million and $560 million by current BTC prices.

However, selling action did exist over that weekend. Analysts state that holders of smaller amounts caused this. Wallets holding below 1 BTC engaged in selling their funds as the crypto market took a turn for the worse.

US-based spot BTC ETFs observed $168 million in outflows as the markets opened on Monday, according to SoSoValue data. Grayscale’s GBTC, Fidelity’s FBTC, and ARKB, an ETF offered through the collaboration between 21Shares and Ark Invest, had funds flowing out of them. Other funds showed minimal inflows or did not register any value moving into or out of them.

Bloomberg analyst Eric Balchunas noted that Monday’s outflows were minuscule considering what went down over the weekend. On an X post, he said, “Yes, total flows for (the) group were -$168m but that’s peanuts, about 0.3% of total aum and a 1/3 of that was $GBTC.”

However, he feels more outflows may occur over the week. “That said, it’s one day, I could see some more outflows this week. I was thinking a couple billion would leave, maybe 5%, which means 95% hung tough which would be strong.”

He also relayed that he did not expect institutional investors to hold strong during the turmoil. “Even I’ve been surprised by the HODL ability of the boomers and equally surprised by the weakness of the natives.”

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