Bitcoin Whales Boosted Coin Stash by $3B in January, Data Show
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Cryptocurrency whales, or large investors, have purchased $3 billion worth of Bitcoin (BTC) this month, according to information tracked by online analytics firm IntoTheBlock.
The amount of Bitcoin in wallets that held more than 1,000 BTC increased by approximately 76,000 BTC to nearly 7.8 million BTC.
The leading cryptocurrency started the month quite well, peaking above $48,900 on January 11 with the opening of US-based spot exchange-traded funds (ETFs). The market subsequently felt the pressure and prices fell to a low of around $38,500 last week, while investors in the Grayscale Bitcoin Trust (GBTC) took profits. As a result of the decline, some “whales” bought coins at lower prices on the Bitfinex cryptocurrency exchange.
While Bitcoin ETFs saw net inflows of $820 million, Bitcoin whales have already increased their holdings by ~$3 billion (76,000 BTC) in 2024. "Whales" include any entity, individual or fund (including ETFs) holding more than 1,000 BTC."
Showing confidence in the long-term prospects of cryptocurrencies, whales have increased their holdings amid falling prices.
Some experts and investment banks, notably Standard Chartered, predict that the newly launched ETFs will attract billions of dollars in investment, pushing the cryptocurrency's market price to $100,000 by the end of 2024.
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