Since the dawn of 2024, significant accumulations of Bitcoin have been observed among large holders, with an additional 266,000 BTC entering their portfolios. This surge, equivalent to a staggering $17.5 billion in value, underscores a notable trend within the cryptocurrency ecosystem.
Insights provided by analysts at Santiment shed light on this development, revealing that whales holding balances ranging from 1,000 BTC to 10,000 BTC have acquired 1.24% of the total Bitcoin supply, which stands at 21 million. This accumulation trend has been particularly prominent during the specified timeframe.
Furthermore, Santiment suggests that institutional investors are playing a pivotal role in stabilizing the market, thereby mitigating industry volatility. Their influence has been instrumental in driving Bitcoin’s price upward in the lead-up to the halving event, an occurrence that experts anticipate will have significant repercussions on the asset’s valuation in the aftermath.
The prevailing sentiment among many traders is one of fear of missing out (FOMO), with a substantial portion of the community anticipating a resurgence in Bitcoin’s value, aiming to reach the coveted $70,000 mark.
Ki Young Ju, CEO of CryptoQuant, offers additional insights into this phenomenon, noting that the influx of investments from new whale entities surpasses that of established major players by almost twofold. These observations are based on the classification of whale addresses devoid of association with Centralized Exchanges (CEX) and miners, possessing a balance exceeding 1,000 BTC. Notably, a new classification includes owners of coins aged less than 155 days, distinguishing them from their longer-held counterparts.
The emergence of spot crypto Exchange-Traded Funds (ETFs) in the American market and the April halving event, which curtailed BTC issuance, are cited as pivotal catalysts contributing to the activation of newer whale entities. These developments underscore the evolving dynamics within the cryptocurrency landscape, as institutional participation and regulatory advancements continue to shape market trends.
