Whale Buying Activity and Steady ETF Demand Fuel Bitcoin Rally
Bitcoin's price has been steadily rising this week, and behind-the-scenes data reveals that whales are taking advantage of the momentum.
A wallet linked to Galaxy Digital moved a significant amount of Bitcoin, approximately $87.28 million worth, in multiple transactions over the past day. This massive transfer caught market attention as it shows big players are active in the market.
BlackRock's spot BTC ETF has seen four consecutive days of net inflows, totaling 9,269 BTC and around $604 million. When looking at all BTC ETFs together, a similar picture emerges: five consecutive days of net inflows amounting to approximately $853.54 million.
The surge in on-chain data is also attributed to the creation of new wallets, with about 2.27 million new Bitcoin wallets being created this month. This marks the largest network growth week in a year. Active wallets have reached 751,000, the highest level seen in ten months.