Bitrabo Editorial
Bitcoin whales have been steadily accumulating BTC this year, showing confidence in the future of the crypto industry. Despite recent market corrections, whale addresses holding significant amounts of Bitcoin have intensified their accumulation, reaching levels not seen since 2022. Specifically, addresses with 1,000 BTC or more have hit a two-year high.
Factors Driving the Surge in Whale Bitcoin Accumulation
According to data from IntoTheBlock, Bitcoin whale addresses holding 1,000 BTC or more have reached a two-year high, signifying a significant milestone in their accumulation efforts. This rise in accumulation spiked notably in January 2024, coinciding with the introduction of Spot Bitcoin ETFs in the US market, allowing easier access for institutional investors. This led to a surge in wealthy investors acquiring substantial amounts of Bitcoin.
The Glassnode data confirms this accumulation trend, showing US spot ETFs accumulating over 900,000 BTC in just seven months, even during market corrections. Bitcoin miners have also contributed to the accumulation, increasing their holdings by 4,500 BTC in July, totaling $300 million. Currently, addresses with over 1,000 BTC hold around 7.9 million BTC, approximately 40% of the circulating supply.
Implications for Bitcoin
Whale accumulation has historically had a positive impact on Bitcoin prices, often leading to price surges. Their actions can influence smaller investors, potentially triggering increased buying activity. This recent accumulation milestone may further bolster bullish momentum, with Bitcoin edging closer to the $70,000 price level.
As of the latest data, Bitcoin is trading at $66,715, with bulls striving to maintain levels above $67,000, indicating potential further price growth.
Featured image from Shutterstock, chart from TradingView