Bitcoin whales have been steadily accumulating BTC since the start of the year, suggesting an optimistic view of the crypto market. The consistent acquisition of Bitcoin by prominent holders, sometimes referred to as whales, has bolstered investor confidence and played a significant role in the upward trend of Bitcoin’s value in the last six months.
Notwithstanding the current decline in the market, evidence from on-chain sources indicates that large-scale addresses have consistently increased their holdings, reaching their peak levels since 2022.
The aggregate Bitcoin supply held in addresses with a balance of 1,000 BTC or above has reached its highest level in two years. The rise commenced in January 2024, following the launch of Spot Bitcoin ETFs in the United States, which facilitated the purchase of Bitcoin by institutional investors.
According to Glassnode data, US Spot ETFs have purchased more than 900,000 BTC within a span of only seven months. In July, Bitcoin miners also contributed to the market by acquiring an additional 4,500 BTC.
As of now, the total amount of Bitcoin (BTC) held in addresses with a balance of 1,000 BTC or more is 7.9 million BTC, which accounts of 40% of the total 19.7 million BTC in circulation.
