#Write2Earn Whales accumulated 140,000 BTC in 3 weeks.

In the last few days, large investors have spent USD 6.16 billion in bitcoin.

Bitcoin (BTC) whales, which are entities or people holding more than 1,000 BTC, have returned to the path of coin accumulation. In the last 21 days, these investors have bought hundreds of thousands of BTC, spending just over USD 6 billion.

According to bitcoin trader and market analyst Ali Martinez, in the last three weeks whales have bought a total of 140,000 BTC, an investment equivalent to USD 6.16 billion. For Martinez, “whales have been buying frantically” for several days.

With the recent acquisition, whales now hold at least 4.84 million bitcoins in custody. And in total, there are about 2,063 active BTC whales currently, according to data provided by Look Into Bitcoin.

Mega-buys by whales are often interpreted in the market as a possible and upcoming price increase for bitcoin.

In fact, as seen in the chart below, bitcoin purchases by whales have been increasing as the price of BTC has recovered from the drop to less than $40,000, seen after the approval of exchange-traded funds (ETFs) in the United States on January 10.

At the close of this report, the price of bitcoin is hovering around $48,200, according to data from CoinMarketCap. This is an increase of 2% compared to yesterday and 12.4% in a week. The increase erases the losses of almost a month ago, when BTC fell to $38,000.

The price increase that Bitcoin has had in recent days also responds to the proximity of the Bitcoin Halving, an important mechanism that reduces the rewards for mining Bitcoin by half.

The halving promotes the accumulation of BTC, which leads to an increase in demand and a reduction in supply.All of this is a formula that translates into an increase in price.