Bitcoin Whales Flood Market with $4.5 Billion in New Holdings Amid ETF Surge
Bitcoin whales have been accumulating the cryptocurrency at an unprecedented rate since July 15. According to data from Santiment, wallets holding between 100 and 1,000 BTC added a staggering 113,950 BTC, lifting their combined holdings by 2.22% to roughly 5.24 million BTC.
This surge in whale buying activity has contributed significantly to Bitcoin's recent rally, which saw the asset clear its 365-day moving average near $80,500. The price has moved through a heavy supply zone between $76,000 and $81,000, while the next area of resistance sits around $88,000 to $90,000.
The influx of capital from U.S. spot Bitcoin ETFs also played a major role in the rally, with almost $1 billion flowing into these funds on Monday alone. This injection of Wall Street capital is a significant vote of confidence in the cryptocurrency market and suggests that traditional financial channels are contributing materially to Bitcoin's advance.