Crypto Whales Accumulate $3 Billion Worth Of Bitcoin In January

According to intotheblock, prominent crypto whales and institutional investors have collectively amassed $3 billion worth of Bitcoin this month.

The quantity of Bitcoin held in wallets with over 1,000 BTC has surged by more than 76,000 BTC, reaching a total of approximately 7.8 million BTC.

📊#Crypto whales, or large investors, have accumulated $3B worth of #Bitcoin this month, according to @intotheblock.

The amount of Bitcoin held in wallets owning over 1,000 #BTC has increased by roughly 76,000 $BTC to~ 7.8M BTC📈 pic.twitter.com/tUPxq4JJ0d

— Satoshi Talks (@Satoshi_Talks) January 29, 2024

Recent on-chain reports from Lookonchain indicate significant accumulation by institutions. iShares, managed by Blackrock, added 2,073 BTC ($87 million) to their holdings, now totaling 52,026 BTC ($2.18 billion). 

Fidelity also increased their Bitcoin holdings by 2,383 BTC ($100 million), now amounting to 46,238 BTC ($1.94 billion). Additionally, ARK 21Shares acquired 1,105 BTC ($46.37 million), bringing their total holdings to 14,390 BTC ($603.89 million).

Meanwhile, Grayscale deposited 6,534 BTC ($274.95 million) into Coinbase Prime, continuing their accumulation trend.

Since the ETF approval, Grayscale has deposited 119,663 BTC ($4.91 billion) into Coinbase Prime, with current holdings totaling 495,290 BTC ($20.76 billion).

Over 516,000 Bitcoin Transaction Happened

An analysis by Ali highlights significant price ranges where over 516,000 BTC transactions occurred: $16,500, $26,770, and $42,550.

In November 2022, $16,500 served as a crucial support level, while $26,770 remained stable during the summer of 2023. 

Over 516,000 #BTC have been transacted within key price ranges: $16,500, $26,770, and $42,550.

– The $16,500 level was a crucial support in November 2022.
– Meanwhile, $26,770 sustained #Bitcoin‘s price during the summer of 2023.
– Now, $42,550 may emerge as the most critical… pic.twitter.com/kjwxjUhmu4

— Ali (@ali_charts) January 29, 2024

Presently, $42,550 appears to be a pivotal support level for BTC in 2024, with Bitcoin currently up by 3% and trading at $43,400.

The accumulation of Bitcoin by whales and institutional investors, coupled with the identification of key support levels, underscores growing confidence in Bitcoin’s long-term potential and resilience. 

As institutional interest continues to strengthen, Bitcoin’s role as a store of value and hedge against inflation appears increasingly solidified in the financial landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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