Whales Invest More Than $1.5B in Bitcoin in 2 Weeks
In the second half of August, the attention of IntoTheBlock was drawn to the increased activity of large investors in the cryptocurrency market.
These wallets, controlling more than 1,000 Bitcoins, purchased the crypto after it dropped below $27,000, following a small jump due to Grayscale’s legal victory.
On the night of Monday, September 4, Bitcoin fell to $25,980 and digital currency capitalization fell to $506.787 billion.
According to CryptoQuant, whales sold a portion of their cryptocurrency and drove the price down, followed by short-term investors.
Afterwards, whale wallets began accumulating once more. The report showed that the largest addresses had increased the percent of total BTC in their supply by 0.1% over the two-week period, while investing over $1.5 billion in Bitcoin.
Some believe that the whales are preparing for the potential approval of spot crypto ETFs by the Securities and Exchange Commission.
However, the SEC’s decision to extend the deadline for the review of the applications caused a pullback in the market, much to the dismay of investors.
