Cryptocurrency whales are accumulating Bitcoin at an unprecedented rate as the performance of the first cryptocurrency project Bitcoin attracts the interest of institutional investors, data shows. Bitcoin was trading near its all-time high of about $73,700 on Tuesday, up more than $41tpt3t in 24 hours. The uptrend briefly made Bitcoin holders of 1,00% profitable, but the asset has since corrected to $72,334 at the time of writing.
Meanwhile, Bitcoin’s growth metrics extend beyond price. The data confirms that institutional interest in the cryptocurrency has also risen sharply. Analyst Miles Deutscher pointed out that whales are accumulating Bitcoin at the "fastest rate in history."
Deutscher noted that institutional investors have shown pent-up demand for Bitcoin, outstripping demand from retail traders. The analyst cited data from CryptoQuant showing that whale holdings have surged to new all-time highs. The blockchain data analytics provider revealed that whales are currently holding an all-time high amount of Bitcoin, exceeding 3.3% of the circulating supply. According to data, large Bitcoin wallets hold more than 670,000 BTC, showing the presence of institutions.
At the same time, early reports confirm this growing trend, with new whales on the rise. According to the report, the network added 297 wallets holding 100 BTC or more in two weeks, indicating that whales are accumulating more quickly.
Significant moves by ETFs confirm the presence of institutions. Bloomberg senior analyst Eric Balchunas confirmed the surge in interest from institutional traders, particularly with the iShares Bitcoin Trust (IBIT) seeing rising volumes on Tuesday. Market experts noted that BlackRock’s Bitcoin fund reached a six-month high in trading volume on October 29, reaching $3.3 billion.
Balchunas attributed the surge in trading volume to a “FOMO frenzy” among institutional investors. He noted that continued inflows from exchange-traded funds (ETFs) may have triggered the buying frenzy and predicted that inflows will be better in the coming days.
Meanwhile, BlackRock has led inflows recently as the appeal of Bitcoin ETFs has surged. After recording $1 billion in inflows last week, the issuer attracted $642 million yesterday, the third-highest inflow since its inception.
Driven by Blackstone, the U.S. Bitcoin spot ETF recorded net inflows of $870 million on Tuesday, the largest amount since June 5. The investment vehicle currently holds $72.55 billion worth of Bitcoin, representing 5.07% of the asset’s circulating supply.
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