According to data from on-chain analysis firm IntoTheBlock, crypto asset whales (large investors) accumulated Bitcoin (BTC) equivalent to $3 billion (approximately 450 billion yen, equivalent to 1 dollar = 150 yen) in January.

Bitcoin held in wallets with more than 1,000 BTC increased by approximately 76,000 BTC to approximately 7.8 million BTC.

Bitcoin started the month on a positive note, rising above $48,900 on January 11th following the debut of spot exchange-traded funds (ETFs) in the United States. The price then came under pressure as investors in crypto investment product Grayscale Bitcoin Trust (GBTC) booked profits, dropping to around $38,500 last week. The drop also saw some whales pick up Bitcoin at lower prices through the cryptocurrency exchange Bitfinex.

“Bitcoin ETFs had net inflows of $820 million (123 billion yen), but Bitcoin whale holdings have increased by up to $3 billion (76,000 BTC) since the beginning of 2024. ” IntoTheBlock said in its weekly newsletter. A whale is any organization, individual, or fund (including ETFs) that holds more than 1000 BTC.

In the graph above, the blue line represents the amount held by whales, and the black line represents the price of Bitcoin. In a sign of confidence in Bitcoin’s long-term prospects, whales are increasing their holdings even as prices fall.

Several observers and investment banks, including Standard Chartered, predict that the recently launched ETF will attract billions of dollars in investment and drive the market price of BTC to $100,000 by the end of 2024. ing.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: IntoTheBlock
｜Original text: Bitcoin Whales Boosted Coin Stash by $3B in January, Data Show