Crypto Whales Accumulate $3 Billion in Bitcoin in January, Data Shows
Large investors in the cryptocurrency market, known as crypto whales, have been busy accumulating Bitcoin (BTC) this month, amassing a total of $3 billion worth of the leading cryptocurrency.
According to data from onchain analytics firm IntoTheBlock, the amount of Bitcoin held in whale wallets has increased by approximately 76,000 BTC, bringing the total holdings of these whales to nearly 7.8 million BTC.
It’s important to note that the definition of “whales” includes any entity, individual, or fund holding over 1,000 BTC, which also encompasses the ETFs.
Bitcoin started the month on a positive note, reaching highs above $48,900 on January 11 following the launch of U.S.-based spot exchange-traded funds (ETFs).
However, prices faced downward pressure and dipped to lows near $38,500 last week as investors in the Grayscale Bitcoin Trust (GBTC), a popular crypto investment vehicle, decided to take profits.
Seizing the opportunity, some whales took advantage of the lower valuations and acquired more Bitcoin through the Bitfinex cryptocurrency exchange.
“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 its weekly newsletter.
Bitcoin whales have increased their $BTC holdings by ~$3B (76,000 BTC) sine the start of this year. pic.twitter.com/0hi3Q7WXEo
— IntoTheBlock (@intotheblock) January 27, 2024
The graph provided by IntoTheBlock shows a blue line representing whale activity, while the black line represents the price of Bitcoin.
This data indicates that despite the price fluctuations, whales have shown confidence in the long-term prospects of the cryptocurrency and have continued to accumulate more bitcoin
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