Bitcoin whales reached their highest holdings in two years, showing strong investor confidence in Bitcoin and the crypto market.
Moby Dick
Bitcoin whales, the large holders with huge, 1000+ Bitcoin balance, are steadily gathering coins since the start of the year.
This accumulation spree by these major players undoubtedly supported the bullish outlook for Bitcoin over the past six months.
Right now, despite market drops, data shows that whale addresses still continued to amass Bitcoin, no matter what.
Their stack reaching the highest levels since 2022, as addresses holding 1,000 Bitcoin or more have hit a two-year peak.
ETFs are like rocket fuel
Whale addresses holding 1,000 BTC or more are now at their highest levels in over two years, and the main part of this surge began in January 2024 when the crypto market started to rise.
Likely the biggest factor was the introduction of spot Bitcoin ETFs in the US, which also happened in January this year, and which made it much easier for institutional investors to buy Bitcoin.
When we take a look to Glassnode’s data, it clearly shows that US Spot ETFs have bought over 900,000 Bitcoin in just seven months.
Even during market corrections, these funds have continued to purchase Bitcoin.
Power players
Bitcoin miners have also increased their holdings. In July, miners added 4,500 BTC, worth about $300 million, to their reserves.
Right now the whales account for 7.9 million Bitcoin, roughly 40% of the 19.7 million supply in circulation.
When whales buy, it attracts attention, and smaller investors often follow, driving up Bitcoin’s price, and in this context, whales’ actions will continue to influence the market, and indirectly, the price itself.
