Since mid-March, there has been a notable trend of large bitcoin holders or “whales” stashing more tokens. The latest data suggest that a particular cohort of whale addresses now collectively own more than 40% of the total bitcoin supply. Whales Gobble Up Bitcoin Supply The accumulation of bitcoin by large holders or “whales” holding over 1,000 BTC has been a notable trend since mid-March. According to IntoTheBlock’s tweet, addresses with over 1,000 BTC now collectively own more than 40% of the total bitcoin supply. Since mid-March, the amount of Bitcoin held by large holders has steadily increased. Addresses holding over 1,000 $BTC now collectively own more than 40% of the total Bitcoin supply! pic.twitter.com/yGkTTFj20c — IntoTheBlock (@intotheblock) June 5, 2024 This
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Since mid-March, there has been a notable trend of large bitcoin holders or “whales” stashing more tokens.
The latest data suggest that a particular cohort of whale addresses now collectively own more than 40% of the total bitcoin supply.
Whales Gobble Up Bitcoin Supply
The accumulation of bitcoin by large holders or “whales” holding over 1,000 BTC has been a notable trend since mid-March. According to IntoTheBlock’s tweet, addresses with over 1,000 BTC now collectively own more than 40% of the total bitcoin supply.
Since mid-March, the amount of Bitcoin held by large holders has steadily increased.
Addresses holding over 1,000 $BTC now collectively own more than 40% of the total Bitcoin supply! pic.twitter.com/yGkTTFj20c
— IntoTheBlock (@intotheblock) June 5, 2024
This concentration of ownership signals increased confidence and conviction among wealthy investors and institutions in BTC’s future price trajectory as investor sentiment remains bullish on the top asset.
Historically, such accumulation by large holders has often preceded significant price rallies, as it reduces the circulating supply and increases scarcity.
The steady accumulation by whales suggests they anticipate bitcoin’s value to continue appreciating, which could attract further institutional adoption and drive the next bull run.
Spot ETFs’ Global Hype
The development comes as investors continue to actively invest in spot Bitcoin ETFs, with Wednesday marking the strongest inflow day since March. This surge in interest coincides with BTCtrading above $71,000. These investment vehicles, which received regulatory approval from the US Securities and Exchange Commission (SEC) in January, have played a crucial role in legitimizing and facilitating activity in the market.
According to data from Farside, spot Bitcoin ETFs witnessed inflows exceeding $886 million on Tuesday. Fidelity’s FBTC attracted the highest inflows of $378 million, followed by BlackRock’s IBIT, which saw an inflow of $270 million. Notably, Grayscale’s GBTC, which has historically experienced outflows, also attracted $28 million from investors.
Investor confidence in Bitcoin and the broader market has been boosted by a series of positive developments globally. Last month, Hong Kong gave the green light to Bitcoin ETFs, while Australia welcomed its first BTC ETF earlier this week. Additionally, the SEC approved eight spot Ether ETFs in a landmark decision last month.
More recently, the Thai Securities and Exchange Commission (SEC) approved One Asset Management, a local firm, to introduce Thailand’s first spot Bitcoin ETF.