Bitcoin Whales Fuel Rally as ETF Inflows Surpass $1 Billion
Bitcoin's price has continued to rise after briefly tapping $87,000 for the first time since January. According to Santiment, Bitcoin's 'whale wallets' have been accumulating large amounts of BTC, with those holding between 100 and 1,000 BTC adding 113,950 units since July 15.
This trend has continued as the crypto asset climbed sharply from mid-August, with heavy accumulation appearing before or during stronger price moves. The data shows that large holders have been buying during the rally, rather than just retail traders.
The recovery and subsequent rise in optimism come as Bitcoin cleared an important level after moving back above its 365-day moving average, around $80,500. This move has some similarities to March 2023, when the price later pushed much higher.