Bitcoin whales, or large investors, have accumulated $3 billion worth of Bitcoin (BTC) in January, according to data from on-chain analytics firm IntoTheBlock.
Bitcoin whales, or large investors, have accumulated $3 billion worth of Bitcoin (BTC) in January, according to data from on-chain analytics firm IntoTheBlock. This accumulation trend is evident in the increase of roughly 76,000 BTC in wallets owning over 1,000 BTC, bringing the total holdings to nearly 7.8 million BTC.
The surge in whale activity coincides with the launch of U.S.-based spot exchange-traded funds (ETFs) in January, which initially drove Bitcoin prices to highs above $48,900. However, prices faced downward pressure last week, dropping to lows near $38,500, as investors in the Grayscale Bitcoin Trust (GBTC) cashed out. Despite the price pullback, some whales saw an opportunity to acquire coins at cheaper valuations through the crypto exchange Bitfinex.
In contrast to the whale accumulation, crypto funds experienced net outflows last week. Grayscale's Bitcoin ETF (GBTC) saw $2.2 billion of net outflows, while newly-launched spot Bitcoin ETFs saw just $1.8 billion in net inflows. This resulted in a net outflow of $500 million.
However, the outflows of funds from GBTC is slowing, with daily redemptions declining through the past week, potentially suggesting that the selling pressure may be easing. On Monday, Fidelity’s FBTC saw $208 million of inflows, surpassing the $192 million outflows from GBTC.
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