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Bitcoin’s 30% rise in two weeks has put BTC whales back in the accumulating mode
During the current market rebound, Bitcoin (BTC) addresses owning at least 1,000 BTC, known as whales, began amassing additional tokens. According to Coin Metrics statistics, the total supply in these addresses was 8.096 million BTC as of Feb. 10, up from 7.95 million on Jan. 24.
Institutional inflows and Bitcoin whales
The purchasing enthusiasm among the wealthiest crypto investors has gathered up steam in the last two weeks as Bitcoin has recovered from its 2022 bottom of $33,000 on Jan. 24 to about $43,500 on Feb. 11.
Small Bitcoin investors, or “fishes,” or addresses holding less than one Bitcoin, also joined the accumulating frenzy during the recent Bitcoin price rise.
Meanwhile, data site Ecoinometrics displays Coin Metrics data as clusters, demonstrating synchronized accumulating behavior among Bitcoin whales and fishes.
Surprisingly, the clusters resembled those seen in the days preceding BTC’s record high of $69,000 in November 2021.
“Once again this cycle, this price resurgence aligns quite well with both the tiny fish and the whales addresses purchasing together for a lengthy period of time,” noted Nick, an analyst at Ecoinometrics, in a Fed. 7…
