Since the beginning of 2024, significant players in the world of Bitcoin have been quietly accumulating an additional 266,000 BTC, steadily increasing their holdings.
According to the experts at Santiment, this digital currency is currently worth a whopping $17.5 billion. But that’s not all – brace yourself for the revelation that the top players, known as “whales”, with balances ranging from 1,000 to 10,000 BTC, hold a jaw-dropping 1.24% of the entire 21 million asset supply.
Santiment’s latest insights reveal a promising trend in the volatile cryptocurrency market – the involvement of institutional investors. These savvy players have been instrumental in stabilizing the industry and driving up Bitcoin’s value in anticipation of the highly anticipated halving event.
With experts predicting a significant impact on the asset’s worth post-halving, traders are experiencing a severe case of FOMO (fear of missing out). According to Santiment, the sentiment among users is that Bitcoin’s rate will soon soar back to the $70,000 mark.
A Tale of New vs. Old Players. According to CryptoQuant CEO Ki Young Ju, the latest wave of whale investments in Bitcoin has left seasoned players in awe.
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These ‘crypto whales’, identified as non-CEX and miner addresses holding over 1,000 BTC, have seen a surge in activity from a new category of owners. These daring investors, who have held their coins for less than 155 days, have outperformed their older counterparts, causing a stir in the world of cryptocurrency.
The introduction of spot crypto ETFs and the highly anticipated April halving event have sparked a frenzy among investors, attracting a wave of powerful new players to the game – the ‘whales’ of the crypto world.