Key Points
- Large Bitcoin holders have accumulated an additional 266,000 BTC since the start of 2024.
- Institutional investors are helping to reduce industry volatility and supporting Bitcoin rate growth.
Since 2024 began, major holders of Bitcoin have added another 266,000 BTC to their portfolios.
Analysts from Santiment report that this accumulation equates to $17.5 billion. They also highlight that whales, those with balances of 1,000 to 10,000 BTC, have gained 1.24% of the entire 21 million supply of the asset during this period.
Institutional Investors and Market Stability
According to Santiment, institutional investors play a significant role in reducing fluctuations in the industry. These market participants have also contributed to the growth of the Bitcoin rate ahead of the halving event. Experts stress that this event will have a profound effect on the asset’s value post-halving.
The fear of missing out (FOMO) is prevalent among many traders. Santiment suggests that numerous users anticipate the Bitcoin rate to soon rebound to the $70,000 mark.
New Whales in the Market
Ki Young Ju, CEO of CryptoQuant, points out that the investments of new Bitcoin whales are nearly double that of the older, more established players.
He categorizes whale addresses that are not linked to CEX and miners, and which hold over 1,000 BTC. This new category consists of coin owners who are less than 155 days old, with the older ones surpassing this timeframe.
Key factors such as the introduction of spot crypto ETFs in the American market and the April halving, which lowered BTC issuance, have spurred the activity of these newer whales.
