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Bitcoin Whales Boosted Coin Stash by $3B in January, Data Show
While bitcoin ETFs have experienced net inflows of $820 million, bitcoin whales increased holdings by about $3 billion this year, IntoTheBlock said.
Updated Jan 29, 2024, 9:41 a.m. Published Jan 29, 2024, 9:41 a.m.
Crypto whales, or large investors, have accumulated $3 billion worth of bitcoin this month, according to data tracked by onchain analytics firm IntoTheBlock.
The amount of bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 million BTC.
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The leading cryptocurrency began the month positively, tapping highs above $48,900 on Jan. 11 with the debut of U.S.-based spot exchange-traded funds (ETFs). Prices then came under pressure, dropping to lows near $38,500 last week as investors in the crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC), took profits. The pullback saw some whales snap up coins at cheaper valuations through the crypto exchange Bitfinex.
"While bitcoin ETFs have seen net inflows of $820M, bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024," IntoTheBlock said in a weekly newsletter. "Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC."
The blue line represents whale activity, while the black line represents the cryptocurrency's price. In a vote of confidence in the cryptocurrency's long-term prospects, whales boosted their stashes as prices fell.
Several observers and investment banks, including Standard Chartered, expect the recently launched ETFs to pull billions of dollars in investments, lifting the cryptocurrency's market price to $100,000 by the end of 2024.
Bitcoin last changed hands at $41,980, according to CoinDesk data.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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