Despite market fluctuations, Bitcoin whales have demonstrated remarkable resilience by consistently accumulating and retaining BTC holdings. Ki Young Ju, the founder and CEO of CryptoQuant, highlighted that new Bitcoin whales have acquired over 1.45 million BTC coins this year. This substantial accumulation indicates strong confidence among large holders in the future of Bitcoin, despite recent market volatility.
Additionally, new wallets holding over 1,000 BTC, including those associated with spot ETFs and custodial services, now collectively possess around 1.8 million Bitcoin.
This trend signifies a shift towards institutional interest, as noted by Young Ju, with over-the-counter (OTC) markets now surpassing centralized exchange (CEX) markets. This shift suggests a growing preference for private transactions among large investors and institutions.
The increase in Bitcoin holdings by new whale wallets has been notable this year, with over 1.45 million BTC added. These new whales, which include entities like spot ETFs and custodial services, now hold a significant portion of the Bitcoin supply. This development underscores the growing influence of institutional players in the crypto market, further evidenced by the rise of OTC transactions over CEX transactions.
Bitcoin Whales Show Strong Confidence with 1.45 Million BTC Accumulated Despite Market Fluctuations
Ki Young Ju pointed out that while new BTC wallets (less than 155 days old) have increased their holdings significantly, the balance in older BTC wallets (more than 155 days old) has remained stable.
This distinction indicates that the accumulation of new wallets represents fresh investment rather than internal shuffling among existing custodial accounts. The steady holdings of old wallets coupled with the increase in new wallets highlight a broadening base of large-scale investors in the Bitcoin market.
The CEO also noted a significant uptick in the rate of Bitcoin accumulation by whales. Compared to 2021, when the weekly inflow was around 70,000 BTC, it has now surged to approximately 100,000 BTC weekly.
The recent inflows into spot Bitcoin ETFs, which reached 16,800 BTC last week, further illustrate the robust demand from institutional investors.
Despite recent price pressures from events like the German government’s sale of seized BTC, Bitcoin has shown resilience, recovering from a dip below $60,000 to trade at $65,748 with a market cap of $1.29 trillion. This recovery reflects the strong underlying demand and confidence in Bitcoin’s long-term prospects.
