According to statistics compiled by onchain analytics company IntoTheBlock, crypto whales, or big investors, have amassed $3 billion in bitcoin (BTC) this month.
The quantity of bitcoin stored in wallets with more than 1,000 bitcoin has grown to around 7.8 million bitcoin. This rise is approximately 76,000 bitcoin.
With the introduction of U.S.-based spot exchange-traded funds (ETFs) on January 11, the top cryptocurrency had a strong start to the month, reaching highs above $48,900. Following that, prices began to decline, reaching lows last week of around $38,500 as investors in the cryptocurrency investment vehicle, the Grayscale Bitcoin Trust (GBTC), cashed out. During the decline, several whales used the cryptocurrency exchange Bitfinex to purchase coins at lower values.
According to IntoTheBlock’s weekly email, “bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024, while bitcoin ETFs have seen net inflows of $820M.” “Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC.”
Whale activity is shown by the blue line, while the price of the cryptocurrency is shown by the black line. As the price of cryptocurrencies dropped, whales increased their holdings as a show of support for their long-term potential.
By the end of 2024, a number of analysts and investment banks, including as Standard Chartered, predict that the newly introduced ETFs would attract billions of dollars in investments, propelling the market price of cryptocurrencies to $100,000.