Bitcoin Whales Fuel Rally as Wall Street Chimes In
Bitcoin whales have increased their holdings since July 15, adding 113,950 BTC to bring their combined total to roughly 5.24 million BTC.
This represents a 2.22% increase in their collective holdings and suggests that larger holders are buying the dip and continuing to accumulate as Bitcoin recovers from its recent downturn.
According to Santiment data, wallets holding between 100 and 1,000 BTC have been actively accumulating fast, growing their collective holdings by 2.22% since July 15.
The accumulation of large holders gives the rebound more support than a rally driven only by retail demand, although it also creates potential sell-side pressure if momentum weakens.
Wall Street has become another major force behind the move, with U.S. spot Bitcoin ETFs attracting almost $1 billion on Monday, followed by smaller inflows during the next two trading sessions.