Bitcoin Whales Accumulate $3B More in January: Data Insights

• Crypto Whales Increase Bitcoin Holdings by $3 Billion in January
• Overview of Bitcoin Holdings and Price Movements
• Bitcoin ETFs and Whale Activity
• Future Expectations on Bitcoin Price

Crypto Whales Increase Bitcoin Holdings by $3 Billion in January

Data provided by onchain analytics firm, IntoTheBlock, reports that large-scale investors known as 'crypto whales' have accumulated $3 billion worth of Bitcoin$42,260 -0.64% (BTC) in the current month.

Overview of Bitcoin Holdings and Price Movements

There has been a significant increase in the amount of Bitcoin held in wallets that own over 1,000 BTC. Approximately 76,000 BTC has been added, bringing the total to a staggering 7.8 million BTC.

The premier cryptocurrency began the month on a high note, reaching peaks of over $48,900 on January 11, fueled by the introduction of U.S.-based spot exchange-traded funds (ETFs). However, the market faced downward pressure later, with prices plummeting to lows around the $38,500 mark last week as investors cashed out profits from the Grayscale Bitcoin Trust (GBTC).

Despite the market pullback, several whales seized the opportunity to increase their Bitcoin stakes at lower valuations via the crypto exchange Bitfinex.

Bitcoin ETFs and Whale Activity

Bitcoin ETFs have witnessed net inflows of $820M, with bitcoin whales increasing their holdings by approximately $3B (76,000 BTC) thus far in 2024, stated IntoTheBlock in a recent newsletter. For the uninitiated, 'whales' refer to any entity, individual, or fund (including ETFs) that holds more than 1,000 BTC.

Future Expectations on Bitcoin Price

The balance held in addresses with over 1,000 BTC is presented by the blue line, while the black line represents Bitcoin's price. This demonstrates a strong vote of confidence in Bitcoin's long-term prospects, with whales augmenting their holdings as prices declined.

Several analysts and investment banks, including Standard Chartered, anticipate substantial investments flowing into the recently launched ETFs. This influx is expected to propel Bitcoin's market price to $100,000 by the end of 2024.

At last check, Bitcoin was trading at $41,980 according to the data source.

Edited by Jonathan Stoker