Crypto whales have acquired $3 billion worth of bitcoin in the current month, according to data from IntoTheBlock, an on-chain analytics firm. The data reveals that the amount of bitcoin held in wallets containing over 1,000 BTC has grown by around 76,000 BTC, reaching a total of nearly 7.8 million BTC.
It was reported that Bitcoin ETFs have experienced a positive trend with net inflows totaling $820 million, and simultaneously, whales have witnessed a notable increase of approximately $3 billion, equivalent to 76,000 BTC, in their holdings during the early months of 2024.
The blue line represents whale activity, and the black line represents the cryptocurrency’s price, as illustrated on the graph. Despite a decline in prices, whales, expressing confidence in the cryptocurrency’s future, increased their holdings.
The primary digital currency had a positive beginning to the month, hitting its highest point at over $48,900 on January 11. This coincided with the launch of ETFs based in the United States, while the prices experienced a decline, falling to approximately $38,500 last week.
This drop was influenced by investors in the Grayscale Bitcoin Trust (GBTC) deciding to sell and capitalize on their gains.
Various experts, including Standard Chartered and investment banks, anticipate that newly introduced ETFs will attract substantial investments, potentially pushing the cryptocurrency’s market price to $100,000 by the conclusion of 2024.