Why Is Whale Bitcoin Accumulation Rising?

Since January, bitcoin whales have been buying BTC amid a strong crypto industry outlook. These high whale holdings reflected investor confidence, which helped Bitcoin soar over the last six months.

Despite recent declines, on-chain data shows whale addresses have quadrupled their accumulation, returning to 2022 levels. at particular, BTC supply at addresses with 1,000 BTC or more is at a two-year high.


Why Is Whale Bitcoin Accumulation Rising?
According to IntoTheBlock, Bitcoin whale addresses reached a major yearly milestone in their Bitcoin accumulation. Data on whales follows Bitcoin addresses with 1,000 BTC or more. This cohort's addresses have reached their greatest level in over two years.

The new whale accumulating milestone is only one part. This accumulation spiked in January 2024, when crypto markets began a full bull run, according to IntoTheBlock's chart data. Things heated up when Spot Bitcoin ETFs were offered to the US market after months of waiting. These new Bitcoin investment instruments make institutional investing simpler than ever. New affluent investors jumped in, buying enormous sums of Bitcoin.

Glassnode data confirms Spot Bitcoin ETF accumulation. The Glassnode discussion below reports that US spot ETFs have bought almost 900,000 BTC in seven months. Even amid corrections, funds purchase BTC.

Bitcoin miners added 4,500 BTC, worth $300 million, in July. Bitcoin addresses with 1,000+ BTC have 7.9 million BTC. This represents 40% of the 19.7 million BTC circulation supply.

Whale accumulating has sent Bitcoin's price up. Whales' movements are noticed by the market. Their actions may influence smaller investors, causing Bitcoin purchasing to spread. This accumulating milestone might boost bullish momentum if Bitcoin approaches $70,000 again.


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