The popularity of Bitcoin soars in the wake of the spot ETFs' remarkable success. Bitcoin's reign remains unchallenged, with demand surging, even amid substantial market pullbacks. Notably, January witnesses a fervent shopping spree among Bitcoin Whales, who amass substantial quantities, leaving meager offerings for smaller wallets.
Data from IntotheBlock reveals a staggering trend, as Bitcoin Whales, holding at least 1,000 bitcoins, augment their holdings by $3 billion or approximately 76,000 bitcoins since the beginning of the year. Currently, these Whales boast possession of a remarkable 7.8 million bitcoins, valued at around $294 billion.
Bitcoin Whale Balance. Source: IntotheBlock.
Despite Bitcoin's recent 21% dip from its peak at $49,000, Whales exhibited resilient demand, acquiring 10,000 bitcoins (over $421 million) during the dip to $38,500. This strategic move led to a 10% recovery in the asset's value. Presently, Bitcoin trades at $42,195, with a trading volume exceeding $17 billion.
Institutions, particularly Bitcoin Spot ETF issuers like BlackRock and Fidelity, have joined the acquisition spree, accumulating nearly $4 billion worth of Bitcoin (equivalent to 94,000 bitcoins) in the initial two weeks of ETF trading.
Contrasting the accumulation trend among Whales and institutions, smaller Bitcoin wallets, holding less than one bitcoin, have experienced a decline since the beginning of the year. Sentiment, a data analytics firm, reports a decrease of 0.94% in these wallets. This decline suggests that market participants are either exiting positions or facing liquidation amidst recent market fluctuations.
Despite the decline in smaller wallets, historical trends, according to Santiment, indicate the possibility of a price surge. The decrease in smaller wallets is seen as a sign of capitulation, potentially leading to a rebound in prices in the coming weeks.
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