Crypto News- In a remarkable turn of events, prominent cryptocurrency investors, often referred to as ‘whales,’ have strategically accumulated a staggering $3 billion worth of Bitcoin (BTC) in the course of January, as detailed by insights from the onchain analytics firm IntoTheBlock.
Bitcoin Whales Bolster Coin Reserves with a 3 Billion Dollars Boost in January, According to Statistics
The surge in Bitcoin holdings is particularly noteworthy among wallets boasting over 1,000 BTC, witnessing an impressive uptick of approximately 76,000 BTC. This surge has elevated the total Bitcoin holdings within these substantial wallets to an impressive 7.8 million BTC.
Crypto Whales Ride Waves, Amass 3B Dollars in Bitcoin Amid ETF Debut and Price Swings
The month kicked off on a positive note for the leading cryptocurrency, reaching peaks surpassing $48,900 on January 11, coinciding with the introduction of U.S.-based spot exchange-traded funds (ETFs). However, the bullish momentum faced a downturn, pushing prices to lows near $38,500 last week. This dip was attributed to profit-taking by investors in the Grayscale Bitcoin Trust (GBTC). Opportunistic whales seized this market correction, acquiring coins at more favorable valuations through the Bitfinex crypto exchange.
Notably, while Bitcoin ETFs attracted net inflows of $820 million, the whales demonstrated a more substantial increase of around $3 billion (equivalent to 76,000 BTC) in their holdings throughout the early stages of 2024, according to IntoTheBlock’s weekly newsletter. It’s crucial to highlight that the term ‘whales’ encompasses entities, individuals, or funds, including ETFs, holding over 1,000 BTC.
The graph illustrates whale activity through the blue line, contrasting with the black line indicating the cryptocurrency’s price. In a significant display of confidence in Bitcoin’s long-term prospects, whales strategically expanded their holdings during the price downturn.
Market experts and financial institutions, such as Standard Chartered, anticipate that the recently launched ETFs will attract billions of dollars in investments, propelling Bitcoin’s market price to an anticipated $100,000 by the conclusion of 2024. This optimistic outlook further solidifies the whales’ strategic moves as a testament to their belief in the cryptocurrency’s sustained growth.