Whales and Moguls Accumulated Over $3B Worth Bitcoin- Data  

The onchain analytics firm IntoTheBlock revealed that in the month of January 2024, around $3 Billion of Bitcoins has been accumulated by the Bitcoin whales and other leading BTC holders. 

As per data, the total number of Bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 Million BTC. Past few months Bitcoin has shown major improvements, but a slowness in the prices is seen following the approval of the spot Bitcoin ETF. 

Dozens of sources reveal that the hype of spot ETF has boosted the adoption and after the approval and major spike in Bitcoin buyers is also seen. However, in terms of crypto adoption European market remains the most positive market towards crypto. 

Bitcoin faced several barriers in the past few days but when writing, it was trading at $42,065, with a weekly surge of 2.36% in the weekly time frame.  

Before the approval of spot ETF Bitcoin’s price was flourishing and tried several times to break the resistance of $50k, however failed and got rejected from the boundary of $38k.  

IntoTheBlock said “ While bitcoin ETFs have seen net inflows of $820M, bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024,” the firm further added “ Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC.” 

The estimates of analysts are still over the sky and they are claiming that the market is expected to attract more and more funds by the end of 2024, majorly because of the approval of spot Bitcoin ETFs.  

Crypto Market & Bitcoin Updates

At the time of writing, Bitcoin the leader of the crypto industry, was trading at $42,001 with an intraday decline of 0.96%, despite the decline BTC price has shown a minute surge of 2.60% in the past 7 days. 

Some Bitcoin moguls are constantly commenting that the cryptocurrency will cross all the previous marks, and is expected to trade above 100k in the coming years, even some of them also claim that the price will cross 100k by April 2024. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.