Bitcoin Whales Snap Up $1.2B Worth of BTC Amid ETF Inflows Surge
Large Bitcoin holders, known as 'whales', have been accumulating significant amounts of BTC despite the cryptocurrency trading below $65,000. According to blockchain analytics firm Santiment, wallets holding between 10 and 10,000 BTC have ammassed over 20,000 BTC since July 29th.
This equates to approximately $1.2 billion in additional Bitcoin acquired by these large holders during a period when the price was largely range-bound below $65,000.
Santiment's analysis shows that large holders behave differently from small holders, who have been reducing their exposure to BTC. This divergence is seen as improving Bitcoin's trading odds above $70,000 and decreasing its chances of dropping below $60,000.
ETF inflows are also on the rise, with US spot Bitcoin ETFs seeing $754.69 million in net inflows this week, putting them on track for their best week since April.