The price of the flagship cryptocurrency, Bitcoin, has surged by more than 17% over the past month to now stand around $106,000 after hitting a new all-time high above $108,200 earlier today. The cryptocurrency’s price performance has drawn in a flurry of large-scale acquisitions.
According to data shared by popular cryptocurrency analyst Ali Martinez, over the past 48 hours, Bitcoin whales — entities with a significant amount of coins in their wallets — have accumulated over 70,000 BTC worth more than $7.28 billion.
In the past week alone, Bitcoin moved up more than 9% as it keeps breaking through new all-time highs and seeing sustained inflows to products offering exposure to it. Spot Bitcoin exchange-traded funds (ETFs), approved in the U.S. in January of this year, have seen $36.2 billion in cumulative flows, according to data from Farside Investors.
#Bitcoin whales bought over 70,000 $BTC in the last 48 hours, totaling more than $7.28 billion! pic.twitter.com/lEoVzmZ4i2
— Ali (@ali_charts) December 17, 2024
As reported, cryptocurrency investment products saw over $3.2 billion inflows over the past week, making the tenth consecutive weekly inflows these products have seen and bringing their total to now top $44.5 billion. Bitcoin investment products led the market, with investors moving $2 billion to these funds.
According to CoinShares’ Digital Asset Fund Flows report, Ethereum-focused investment products saw $1.089 billion in inflows over the past week, which brought the year-to-date inflows of these products to $4.44 billion. Products focusing on XRP, the native token of the XRP Ledger, also stood out, with $145.8 million inflows.
As reported, large whales on the XRP Ledger have been heavily accumulating the network’s native cryptocurrency, with data showing that as the price of the XRP token rises, so do large whales’ holdings.
Featured image via Pixabay.
