New Bitcoin whales hold 1.97 million BTC, valued at $132 billion, controlling 9.3% of the total Bitcoin supply.
These whales accumulated aggressively, with their balance increasing by 813% in 2024, significantly influencing the market.
Market analysts suggest that the whales' activity could impact Bitcoin's price trajectory, especially if large sales occur.
Notable insights are emerging from the Bitcoin space revealing recent large investors’ activity. Further examination shows that the influx of new Bitcoin whales with immense volumes of cryptocurrency is importing the market.
Institutional Whales currently own almost 2 million bitcoins.
According to recent data from CryptoQuant CEO Ki Young Ju shows that these new Bitcoin whales now possess 1.97 million BTC. Each whale has more than one thousand BTC and keeps its digital assets chiefly in exchange-traded funds (ETFs) and custodian wallets. They are probably operated by big investors or by other parties such as custodial institutions. In addition, the whales’ holding has a small holding period with an average of less than 155 days, so, it can be said that these large investors entered the market recently.
https://twitter.com/ki_young_ju/status/1846556017880146040 Aggressive Bitcoin Accumulation Surges
Despite holding their assets for just five months, these whales have been accumulating Bitcoin at a rapid pace. Their collective balance has surged by 813% in 2024 alone, reflecting aggressive buying behavior. Market analysts believe that the recent offloading of Bitcoin by the German government may have contributed to this surge in whale acquisitions.
These whales are holding 1.97 million BTC, which cost about $132 billion, making up 9.3% of the overall Bitcoin supply. These entities control a vast percentage of this market hence exerting a fairly robust control over Bitcoins fluctuation. Currently, Bitcoin is at $67,820 per coin, although the cryptocurrency touched the $68,000 psychological level earlier.
Even though adjustments are made on the impact of the crypto asset on the trade on Bitcoins price, investors continue to adopt a positive attitude. Evaluating the market expectations, numerous market participants expect even higher prices in the future if the current trend persists. However, as with any mass effect, experts warn that if these whales decided to cash in, there could be a huge crash.
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