Bitcoin whales or large investors with holdings exceeding 1,000 BTC have accumulated $3 billion worth of the cryptocurrency in January alone, according to data from on-chain analytics firm IntoTheBlock.
This surge in accumulation comes amidst a month marked by significant market volatility.
The total amount of Bitcoin held in wallets possessing over 1,000 BTC surged by approximately 76,000 BTC to 7.8 million BTC.
This increase in holdings suggests a bullish sentiment among large investors who capitalized on price dips to bolster their positions.
January witnessed Bitcoin’s price fluctuations, initially reaching highs above $48,900 with the launch of U.S.-based spot exchange-traded funds (ETFs).
However, prices later experienced downward pressure, dropping to around $38,500 as investors in the Grayscale Bitcoin Trust (GBTC) took profits.
Despite the market turbulence, Bitcoin whales remained optimistic about the cryptocurrency’s long-term prospects, seizing the opportunity to accumulate more coins at lower valuations.
This substantial increase in holdings reflects confidence among institutional and high-net-worth investors in Bitcoin’s potential as a store of value and investment asset amidst global economic uncertainty.
As of the latest data, Bitcoin is trading at $41,980, indicating ongoing investor interest despite recent price fluctuations.
