Crypto whales, or large investors, accumulated bitcoin worth three billion dollars this month, according to data tracked by the analytics firm IntoTheBlock.
The amount of bitcoin in wallets holding more than a thousand bitcoins increased by approximately 76 thousand to nearly 7.8 million bitcoins.
The largest cryptocurrency started the month positively, reaching peaks above 48,900 dollars on January 11 after the approval of spot ETFs. The price then came under pressure, falling last week to lows near 38,500 dollars, while investors particularly in Grayscale Bitcoin Trust (GBTC) realized profits. The pullback led some whales to buy at lower prices through the crypto exchange Bitfinex.
– While bitcoin ETFs recorded a net inflow of 820 million dollars, bitcoin whales have so far recorded an increase of 3 billion dollars (76,000 BTC) in 2024. Whales include any entity, individual, or fund (including ETFs) that holds more than 1,000 bitcoins – they wrote in their weekly newsletter from IntoTheBlock.
Several observers and investment banks, including Standard Chartered, expect that the recently launched ETFs will attract billions of dollars and raise the market price of bitcoin to 100 thousand dollars by the end of 2024.
