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In a noteworthy development, large cryptocurrency investors, commonly referred to as crypto whales, have accumulated an impressive $3 billion worth of bitcoin (BTC) in January, according to insights from on-chain analytics firm IntoTheBlock. The data underscores that wallets with holdings exceeding 1,000 BTC increased their positions by approximately 76,000 BTC, establishing a cumulative holding of nearly 7.8 million BTC.
Bitcoin initiated the month on a positive note, surging to highs exceeding $48,900 on January 11, coinciding with the debut of U.S.-based spot exchange-traded funds (ETFs). However, prices underwent a correction, dipping to around $38,500 last week, driven by profit-taking in the Grayscale Bitcoin Trust (GBTC). Seizing the market dip, crypto whales tactically increased their bitcoin holdings through the Bitfinex exchange.
IntoTheBlock’s weekly newsletter highlighted a substantial surge in whale activity, indicating confidence in the cryptocurrency’s long-term potential. Notably, despite recent market fluctuations, industry observers, including Standard Chartered, anticipate substantial investments in newly launched ETFs, potentially propelling bitcoin’s market price to $100,000 by the close of 2024.
