Crypto whales, or large investors, have accumulated $3 billion worth of Bitcoin (BTC) this month, according to data from on-chain analytics firm IntoTheBlock.
The amount of Bitcoin held in wallets with more than 1,000 BTC increased by about 76,000 BTC to almost 7.8 million BTC.
The leading cryptocurrency started the month on a positive note, reaching highs of over $48,900 on January 11 with the launch of US-based spot exchange-traded funds (ETFs). Prices then came under pressure, falling to lows near $38,500 last week as investors in crypto investment vehicle Grayscale Bitcoin Trust (GBTC) took profits. The pullback resulted in some whales buying coins at cheaper prices via crypto exchange Bitfinex.
“While Bitcoin ETFs have seen net inflows of $820 million, Bitcoin whales have seen an increase of approximately $3 billion (76,000 BTC) so far in 2024,” IntoTheBlock said in a weekly newsletter. “Whales include any company, individual or fund (including ETFs) that holds more than 1,000 BTC.”
The blue line represents whale activity while the black line represents the price of the cryptocurrency. In a vote of confidence in the cryptocurrency's long-term prospects, whales increased their inventories as prices fell.
Several observers and investment banks, including Standard Chartered, expect the recently launched ETFs to attract billions of dollars in investments and push the cryptocurrency's market price to $100,000 by the end of 2024.
According to CoinDesk, Bitcoin last changed hands at $41,980.
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