Tuesday, May 21, 2024
Home > News > Bitcoin News > Bitcoin whales accumulated 266k BTC since January

Bitcoin whales accumulated 266k BTC since January

Since the beginning of 2024, large Bitcoin holders have accumulated an additional 266,000 BTC.

According to Santiment analysts, this BTC value amounts to $17.5 billion. The company notes that whales with balances ranging from 1,000 BTC to 10,000 BTC received 1.24% of the total asset supply of 21 million during the mentioned period.

Santiment also believes institutional investors are helping to reduce industry volatility. In addition, the mentioned market players supported the Bitcoin rate growth before the halving, which experts emphasize will significantly impact the asset’s value after the halving.

Many traders fear missing out (FOMO). Santiment said many users believe the Bitcoin rate should soon return to the $70,000 mark.

CryptoQuant CEO Ki Young Ju notes that new whales’ investments in Bitcoin are almost twice as high as those of older major players.

The expert classified whale addresses not associated with CEX and miners, with a balance of over 1,000 BTC. The new category included owners of coins less than 155 days old, with older ones exceeding this period.

The launch of spot crypto ETFs in the American market and the April halving, which reduced BTC issuance, were key factors contributing to the activation of newer whales.

Source