Despite bitcoin’s relatively flat trading at between $30,000 and $31,000 lately, BTC sharks and whales have purchased approximately $2.14 billion (calculated at current prices) worth of the leading digital asset since June 17. 

According to Santiment’s data, those investors own around 13.02 million BTC, equaling over $391 billion.

The Recent Accumulation Spree

The analytics platform focused on cryptocurrencies – Santiment – estimated that bitcoin sharks and whales (those who have between 10 BTC and 10,000 BTC) have bought 71,000 BTC in the past three weeks.

The development comes despite BTC’s rather underwhelming price performance lately, as the asset has been trading sideways for a few weeks.

The confidence among the investors could be fueled by some recent developments that have infused general optimism in the industry. For one, the world’s largest asset manager – BlackRock – filed to launch a spot BTC ETF in the United States. The company has an outstanding record, seeing 575 out of its 576 products approved by the SEC over the years. 

Anthony Scaramucci – a former White House official and founder of SkyBridge Capital – previously argued <