A
A

Bitcoin: Whale Accumulation Record!

Mon 20 Nov 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Invest

In recent weeks, statistics have revealed a strong enthusiasm among institutional investors for bitcoin. This week, bitcoin whales have broken the annual record for the amount of BTC held. Yet, exactly one year ago – November 11, 2022 – they all suffered the full brunt of the consequences of the crypto exchange FTX collapse. What justifies this rapid and massive accumulation of BTC just a few weeks before the end of 2023?

Stacks of bitcoins

Institutional Appetite for Bitcoin Skyrockets

Although the entire year 2023 has been marked by a challenging bear market, bitcoin whales have not stopped accumulating BTC. To much surprise, this week, the quantity of BTC held by wallets owning more than 1000 BTC broke a new annual record. The numbers have been revealed by the on-chain data analytics company, IntoTheBlock.

According to the company, bitcoin whales now hold 7.67 million BTC, which is almost $275 billion worth. It should be noted that immediately after the collapse of FTX followed by the collapse of the firms Alameda Research and Genesis, the amount of BTC held by these large holders was rapidly reduced.

The voracious appetite of bitcoin whales for BTC this week can be easily understood. The cryptocurrency that has enabled MicroStrategy to reap the rewards of its bet seems to promise imminent growth.

Whales Anticipate BTC Growth in the Coming Months

In its recent drop where its price fell below 35,500, bitcoin dragged down Ether, the biggest altcoin. As soon as the price of Ether dropped to $1,900, Ether whales began to accumulate ETH.

Obviously, BTC has returned above $36,000 with a growth of 2% in the last 24 hours. Ether followed suit once more, with its price increasing by 2.3%, reaching $1,959.

For IntoTheBlock, the record accumulation of BTC by bitcoin whales at this particular time is no coincidence. The firm states that this indicates that investors are anticipating an upcoming surge in demand and price of bitcoin. Perhaps we will witness, as some have predicted, a BTC at $40,000 or even $45,000 before the end of December.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


A
A
Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.