Data shows crypto whales are accumulating Bitcoin at unprecedented levels as the crypto firstborn’s performance attracts institutional interest.
Bitcoin neared its all-time high of
around $73,700
on Tuesday following an over 4% 24-hour surge. The uptrend temporarily saw 100% of Bitcoin holders in profit but was short-lived as the asset has corrected to $72,334 at the time of writing.
Meanwhile, prices are not the only growing metric for Bitcoin. Data confirms that institutional interest in the crypto firstborn has also surged extensively. Analyst Miles Deutscher
pointed
to the intense Bitcoin accumulation among whales, noting it was their “fastest-ever pace.”
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Institutional Interest Outpacing Retail’s
Deutscher noted that institutional investors have indicated pent-up demand for Bitcoin, outpacing that of retail traders. The analyst cited data from CryptoQuant, which shows that whale holdings have surged to a new all-time high.
The blockchain analytics provider revealed that whales now hold their largest-ever stash, stacking up more than 3.3% of Bitcoin’s circulating supply. Per the data, the stash of large Bitcoin wallets has exceeded 670,000 BTC, signaling institutional presence.
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Meanwhile, an earlier
report
confirmed this growing traction, as new whales are on the rise. Per the report, the network saw the addition of 297 new wallets holding 100 BTC and above in two weeks as whales ramped up accumulation.
Big Moves from ETFs Confirm Institutional Presence
Bloomberg’s senior analyst Eric Balchunas confirmed the surging interest among institutional traders, particularly with the uptick in the iShares Bitcoin Trust (IBIT) trading volume on Tuesday. The market expert
noted
that BlackRock’s Bitcoin fund saw a six-month volume high of $3.3 billion on October 29.
Balchunas attributed the volume spike to a “FOMO-ing frenzy” among institutional investors. He noted that the incessant flows from exchange-traded funds (ETFs) may have sparked a buying spree and expects better inflows in the coming days.
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Meanwhile, BlackRock has spearheaded inflows recently as traction to the Bitcoin ETFs has ramped up substantially. After recording a $1 billion inflow last week, the issuer attracted $642 million yesterday, its third-highest inflow since inception.
With BlackRock’s input, the
US Bitcoin spot ETF
recorded a net inflow of $870 million on Tuesday, the largest since June 5. The investment vehicle now holds $72.55 billion worth of Bitcoin, accounting for 5.07% of the asset’s circulating supply.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.