IntoTheBlock revealed the Bitcoin addresses with the most BTC during the recent surge to $71K
At the start of the week, bitcoin (BTC) experienced a significant bullish moment, soaring over 13% to reach a five-week peak closing price of $71,400, which lifted the entire cryptocurrency sector.
Insights from IntoTheBlock have shown that during this price climb, a specific group of Bitcoin investors was particularly active in adding to their holdings more so than others.
Major Bitcoin Investors Embark on Buying Rampage
IntoTheBlock's analysis indicates that Bitcoin addresses owning from 1,000 to 10,000 BTC, commonly referred to as whales, were at the forefront of purchasing BTC as its price soared past the $71,000 mark. Over the past week, these entities have increased their holdings by 20,000 BTC, translating to an estimated value of around $1.4 billion based on the current market rates.
This period of aggressive buying by whales aligns with consistent capital flows into spot Bitcoin exchange-traded funds (ETFs), witnessing over nine straight days of inflows totaling more than $1.75 billion.
Amidst a volatile market environment this month, Bitcoin whales have markedly intensified their buying activities. A report from CryptoPotato earlier in May highlighted that this investor group had amassed 15,121 BTC, valued at approximately $941 million, within a single day, thereby swelling their total holdings to a two-week high.
In another instance, according to data from CryptoQuant, Bitcoin whales obtained an eye-popping 47,000 BTC, worth more than $2.8 billion, in 24 hours ending on May 3.
This spike in acquisition activity by whales comes after a prolonged phase of profit-taking which saw them transferring substantial amounts of their holdings to cryptocurrency exchanges. Following BTC's peak at an all-time high of $73,700 in mid-March, these market players cashed in on their holdings as their unrealized profit margins surged.
Bitcoin's Downward Adjustment
Despite the zealous accumulation by whales, the value of BTC has entered a downward trajectory since yesterday. According to CoinMarketCap, BTC's price was flirting with $67,400 at press time, marking a 3.6% decrease over the last 24 hours.
In a sudden turn of events yesterday, the crypto asset dipped by about $2,000 within minutes amidst market fluctuations spurred by expectations for the U.S. Securities and Exchange Commission’s (SEC) verdict on eight spot Ethereum ETF applications. Although the SEC green-lighted the listing of these funds, neither BTC nor Ether achieved any gains.
Yet, the increasing count of active stablecoin wallets hints at a potentially substantial market rally soon.
