#BTCUptober Whale Investors Relentlessly Accumulate More Bitcoin
According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges declined by more than 10K in the past week. Consequently, the supply of Bitcoin on CEXs has dropped to a multi-year low, signaling heightened buying pressure.
The notable decline of Bitcoin in CEXs is largely attributed to the rising demand from the US spot BTC ETFs and other whale investors. In the past four weeks, the US spot BTC ETFs, led by BlackRockâs IBIT, have accumulated Bitcoins worth more than $1.9 billion.$BTC
On Monday, the US spot BTC ETFs registered a net cash inflow of about $61 million, led by IBITâs $72 million.
Meanwhile, individual companies led by MicroStrategy Inc. (NASDAQ: MSTR) have also been accumulating more coins in the recent past. Earlier today, Japanese Metaplanet Inc. (Tokyo: 3350) announced that it had successfully purchased an additional 107.93 Bitcoins, worth more than $6.9 million, thus currently holding about 506.75 BTCs.
Worth noting that El Salvador continues to purchase 1 Bitcoin per day to strengthen its crypto portfolio.
