Remarkable insights are emerging from the Bitcoin space, revealing recent activity by large investors. A deeper look reveals a new influx of Bitcoin whales with huge crypto holdings entering the market.
Institutional whale investors now own nearly 2 million bitcoins.
According to recent data from CryptoQuant CEO Ki Young Ju, these new Bitcoin whales now own 1.97 million BTC. Each whale has over a thousand BTC and mainly keeps their digital assets in exchange-traded funds (ETFs) and custodial wallets.
They can be operated by large investors or other parties such as custodian institutions. Additionally, the holding period of these whales is small with an average of less than 155 days, so it can be said that these large investors have recently entered the market.
Bitcoin Accumulation Spikes
Despite holding their assets for only five months, these whales have been accumulating Bitcoin at a rapid pace. Their total balances have increased by 813% in 2024 alone, reflecting aggressive buying behavior. Market analysts believe that the recent Bitcoin sell-off by the German government may have contributed to this surge in whale acquisitions.
These whales hold 1.97 million BTC, worth around $132 billion, or 9.3% of the total Bitcoin supply. These entities control a large portion of the market and therefore have a strong grip on Bitcoinâs volatility. Currently, Bitcoin is at $67,820 per coin, although the cryptocurrency has hit the psychological level of $68,000 before.
Despite the adjustments in the impact of crypto assets on trading on the price of Bitcoin, investors remain positive. Judging by market expectations, many market participants expect prices to go even higher in the future if the current trend continues. However, like any crowd effect, experts warn that if these whales decide to withdraw, there could be a major crash.
DYOR!#Write2Win #Write&Earn #Write2Learn $BTC
