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Bitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.

According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.

Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.

Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600. 

Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000. 

Expect lower price volatility

According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.

However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.

The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.

Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.

At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.

Whales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin.

According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970% on Sept. 11 — rising from 46.25 million to 493.15 million DOGE. The token’s whale outflow plunged from 442.12 million to 78.17 million DOGE.

Data shows that the large holders’ net inflow reached 414.97 million DOGE, worth $42.46 million, yesterday. The movement shows that whales have started accumulating Dogecoin and the selloff has cooled down.

Notably, Dogecoin is mostly dominated by large holders with 62% of its supply sitting in whale addresses. The amount of transactions consisting of at least $100,000 worth of DOGE reached $942 million over the past week.

Per ITB data, the asset’s exchange net inflow also declined from 84.83 million to 33.42 million DOGE on the same day. Decreasing exchange inflow usually leads to lower selling pressure.

DOGE is up 1.6% in the past 24 hours and is trading at $0.1024 at the time of writing. The meme coin’s market cap is hovering at $14.9 billion, making it the eighth-largest digital currency. 

At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.

On Aug. 31, Elon Musk, Tesla’s billion CEO, showed interest in bringing the meme coin back to the automotive company as a form of payment. Musk’s claim came a few days after a U.S. court decided to dismiss the $258 billion lawsuit against the billionaire and his companies.