BTC Price Index and Live Chart – CoinDesk”>(BTC) this month, according to data tracked by onchain analytics firm IntoTheBlock.

The amount of bitcoin in wallets that hold more than 1,000 BTC increased by approximately 76,000 BTC, to almost 7.8 million BTC.

On Jan. 11, the leading cryptocurrency reached a high of $48,900 with the introduction of U.S. spot exchange-traded funds (ETFs). The prices then dropped to lows of around $38,500 as investors in Grayscale Bitcoin Trust took profits. Whales took advantage of the pullback to buy coins for cheaper prices on Bitfinex.

IntoTheBlock’s weekly newsletter stated that bitcoin whales had seen a rise of about $3B (76,000 BTC), so far in the year 2024. “Whales” are any entity, fund, or individual (including ETFs) that holds more than 1,000 BTC.

The balance in addresses that have more than 1,000 BTC. (IntoTheBlock) (IntoTheBlock)

The black line is the price of the cryptocurrency. The blue line represents whales. Whales increased their stockpiles in a sign of confidence that the cryptocurrency will be successful on a long-term basis.

Standard Chartered and other investment banks expect that the newly launched ETFs will attract billions of dollars of investments, boosting the cryptocurrency’s price to $100,000 at the end of 2024.

According to CoinDesk, the last time Bitcoin was traded for $41,980.

Sheldon Reback is the editor.