Despite the lackluster price of Bitcoin (BTC) over the past month, large investors are still actively buying, showing confidence in the coin's long-term potential.
Bitcoin has fallen sharply, falling as low as $49,200 in early August due to macroeconomic issues.
However, Bitcoin prices have made an impressive recovery, returning to $60,000 last week before falling slightly over the weekend. This rally was largely due to large purchases from large investors and “whales”.
According to data from Santiment, the number of large investor wallets (holding 100 BTC or more) has increased to a 17-month high, with 283 new wallets in the past 30 days. This increase comes despite Bitcoin's price falling nearly 12% over the past month.
As of August 28, large investors and “crypto whales” (holding at least 10 BTC) have purchased more than 133,000 BTC, worth about $7.6 billion. This shows their large influence on the market.
On September 3, Santiment noted a drop in large investor activity across many crypto assets. However, this drop is not necessarily a sign of a recession or major sell-off. Instead, large addresses are often more active during periods of high volatility.
Ki Young Ju, founder of CryptoQuant, predicts that large investors will continue to push Bitcoin higher in the coming months, based on historical trends. He believes that the fourth quarter will be no less exciting.
Analysts from Kaiko last week also downplayed concerns about liquidity risks from the sale of BTC by Mt. Gox and other large holders. They said that Bitcoin could continue to be strong for the rest of the year. Currently, the price of Bitcoin is hovering around $60,061, up 0.35% over the past 24 hours.
