Bitcoin Whales Accumulate 76,000 BTC, Here’s Impact on Price

Bitcoin (BTC) whales are on a major accumulation spree, a trend that is coming at a time when the top coin entered a new adoption era.

Data from crypto analytics service provider IntoTheBlock shows that a total of 76,000 Bitcoins have been accumulated since the start of the year. While the price of the top coin has been swindling since the start of the year, the total accumulated BTC is valued at approximately $3 billion per the IntoTheBlock data.

In what is not a complete shock, the whale balance has been in a relatively steady uptrend since at least April 1, 2023.

The Steady Bitcoin Whale Accumulation Trend

Though masked with intermittent slumps, Bitcoin whales had not relented from their BTC buying since April 2023, when the Total balance hovered around 7.6 million. In about 9 months since that time, the total whale balance has soared significantly, crossing the 7.7 million benchmark to 7.8 million as of today.

Bitcoin whales have increased their $BTC holdings by ~$3B (76,000 BTC) sine the start of this year. pic.twitter.com/0hi3Q7WXEo

— IntoTheBlock (@intotheblock) January 27, 2024

While Bitcoin was notably self-sufficient before now, the emergence of spot Bitcoin ETF products has opened it up for more embrace, hence the sharp spike in Bitcoin balance by whale addresses, as showcased in the chart since the start of January.

One interesting trend is how whales are not fixated on the price of Bitcoin to buy. There is a divergent correlation in the price of BTC and whale accumulations for the better part of this month, as the data showed an increment in total balance when Bitcoin plunged from $48,969.37 to $38,521.89 in about a month.

– Advertisement –

Thus far, the stability the whale accumulation is offering has helped BTC’s price regain its lost pace, and it is changing hands for $41,896.93 atop a 1.26% plunge in the past 24 hours. Notably, this slight loss is an improvement compared to the steep slump recorded over the weekend. 

While the market capitalization is down by 1.26% to $821,408,345,661, the trading volume has inked 2.33% to $15,323,171,413.

Whales Just Getting Started

While the whale accumulation figures are impressive, more resounding buyups lie ahead with the presence of Bitcoin ETFs. Through these products, there are projections that mainstream investment advisors will start recommending this asset to their clients to hedge their bets against traditional financial instruments.

The prediction is that the traditional markets are not properly pricing in the spot Bitcoin influence yet, and when they do, it will usher in more money into the asset with an underlying positive impact on price.