U.Today – maintains leading market activity in the broader digital cryptocurrency ecosystem. Over the past few days, Bitcoin has witnessed a relatively stable price increase. As a result of this latest trend, Bitcoin's price is currently only about 8% off its all-time high (ATH) of $73,500, reached in March of this year. As the market witnesses this frenzy, Bitcoin whales are snatching up a huge chunk of the digital currency.
Bitcoin whale accumulation hits record high
Cryptocurrency analyst Quinten Francois shared insights into the whale’s activity over the past few days in a post on X. Francois' chart shows that Bitcoin whales have accumulated around 60,000 BTC in 24 hours, representing a level rare in Bitcoin history.
“Never in the history of Bitcoin have whales been so aggressively buying BTC,” Francois wrote.
This highlights that the current Bitcoin accumulation by whales exceeds any record previously set in the market. Experts say this type of purchase by these large holders shows renewed confidence in Bitcoin's future price growth.
In particular, whales go on a “buy'' spree in search of assets when there are positive price movements or signs of profit. This may be due to expected positive events, such as the possibility of prices reaching new levels.
Are Bitcoin whales playing the long game?
Overall, whale activity highlights the broad interest of investors, including institutional investors. Recently, BlackRock's iShares Bitcoin Trust (IBIT) attracted $760 million in Bitcoin inflows in three days.
Notably, many traditional investors have started adopting digital assets through exchange-traded funds (ETFs), which is helping to increase the number of whales in the market.
Some experts consider their accumulation to be strategic, as BTC whales typically have market insight beyond individual investors. Similar to chess players, Bitcoin whales also appear to be strategically accumulating assets, which could accelerate upovers seeking new Bitcoin ATHs.
This article was originally published on U.Today
