According to CryptoPotato, behavior analytics platform Santiment estimates that Bitcoin sharks and whales, defined as addresses holding between 10 to 10,000 BTC, now own over 66% of the circulating supply of the primary cryptocurrency. This is the highest level recorded in 2023 so far, with these investors being particularly active after BlackRock filed to launch a spot BTC ETF in the United States.

Santiment revealed that the latest purchasing efforts displayed by Bitcoin sharks and whales started on September 28 when the cryptocurrency market showed signs of serious revival. The price of the leading digital asset is up 2.5% in the past 24 hours, while the second-largest cryptocurrency by market capitalization, Ether (ETH), has charted gains of approximately 4%. The platform also estimated that Tether sharks and whales have accumulated 'buying power' and currently hold 15.03B total coins, which is a six-week high.

Large investors started purchasing BTC en masse in June, shortly after financial giant BlackRock displayed its intentions to introduce a spot Bitcoin ETF in the States. They bought over $2 billion worth of the asset between June 17 and July 10. Sharks and whales were also active last month when the crypto market experienced a severe correction, purchasing more than 11,600 BTC between August 17 and August 25.