Bitcoin Whales and Institutional Investors Fuel Price Rally
Bitcoin whales have been quietly accumulating large sums of BTC since July 15, according to data from analytics firm Santiment. These substantial holders have added a total of 113,950 BTC, valued at approximately $9.6 billion at the current price of $84,388 per Bitcoin.
This group has a solid track record of tracking Bitcoin's price movements more accurately than any other wallet tier over the past five years, making their actions a focal point for traders. Despite prices climbing from around $58,500 at the end of June to the high $70,000s in August and eventually surpassing $85,000 on September 21, this group has continued to accumulate, indicating that they are maintaining their positions.
However, it's worth noting that wallets holding between 100 and 1,000 BTC include not only private buyers but also exchange cold wallets, custodians, over-the-counter trading desks, and the storage wallets of funds. This means that the data may be artificially inflated by transactions between these entities without any new purchases occurring.
Spot Bitcoin ETFs provide clearer insight into institutional investments, as fund issuers report their inflows daily. These funds experienced massive inflows of $999 million on September 21 and $715 million on September 22, totaling around $1.7 billion in just two days.