Bitcoin maintains the leading market activity in the broader digital cryptocurrency ecosystem. In the past few days, Bitcoin has witnessed a relatively stable price surge. With this latest trend, the price of Bitcoin is now just about 8% from its all-time high (ATH) of $73,500, attained in March this year. As the market witnesses this frenzy, Bitcoin whales are snapping up a huge chunk of the digital currency.
Bitcoin whale accumulation hits record high
Quinten Francois, a crypto analyst, shared insight into whales' activities in the past few days in a post on X. Francois’ chart shows that Bitcoin whales accumulated about 60,000 BTC within 24 hours, representing a rare level in Bitcoin’s history.
“Never in the history of Bitcoin have whales been buying BTC this aggressive,” Francois wrote.
This highlights that the current accumulation of Bitcoin by whales has surpassed records previously set on the market. Experts say this kind of purchase by these large holders signals renewed confidence in Bitcoin’s future price appreciation.
Notably, whales go on a "shopping spree" for an asset when there are indications of positive price movement or an advantage to gain. This could result from an expected positive event, such as the likelihood of the price hitting a new level.
Are Bitcoin whales playing long game?
Overall, the whales' activities highlight the broader interest of investors, including institutional players. Recently, BlackRock’s iShares Bitcoin Trust (IBIT) raked in $760 million of Bitcoin inflows within three days.
Notably, many traditional investors are beginning to embrace digital assets through exchange-traded funds (ETFs), which have helped boost the number of whales on the market.
Since BTC whales usually have market insights beyond retail investors, some experts consider their accumulation strategic. Like chess players, it appears that Bitcoin whales are strategically accumulating the asset and might turbocharge the Uptober run in the push for a new Bitcoin ATH.
