Bitcoin Whales Boosted Coin Stash by $3B in January, Data Show

While bitcoin ETFs have experienced net inflows of $820 million, bitcoin whales increased holdings by about $3 billion this year, IntoTheBlock said.

AccessTimeIconJan 29, 2024 at 9:41 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto whales, or large investors, have accumulated $3 billion worth of bitcoin (BTC) this month, according to data tracked by onchain analytics firm IntoTheBlock.

The amount of bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 million BTC.

The leading cryptocurrency began the month positively, tapping highs above $48,900 on Jan. 11 with the debut of U.S.-based spot exchange-traded funds (ETFs). Prices then came under pressure, dropping to lows near $38,500 last week as investors in the crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC), took profits. The pullback saw some whales snap up coins at cheaper valuations through the crypto exchange Bitfinex.

"While bitcoin ETFs have seen net inflows of $820M, bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024," IntoTheBlock said in a weekly newsletter. "Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC."

The balance held in addresses with over 1,000 BTC. (IntoTheBlock)
The balance held in addresses with over 1,000 BTC. (IntoTheBlock) (IntoTheBlock)

The blue line represents whale activity, while the black line represents the cryptocurrency's price. In a vote of confidence in the cryptocurrency's long-term prospects, whales boosted their stashes as prices fell.

Several observers and investment banks, including Standard Chartered, expect the recently launched ETFs to pull billions of dollars in investments, lifting the cryptocurrency's market price to $100,000 by the end of 2024.

Bitcoin last changed hands at $41,980, according to CoinDesk data.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.