Bitcoin whales have accumulated $3 billion as industry attention was focused on launching several Bitcoin exchange-traded funds (ETFs). Whales, defined in this case as addresses that own 1,000 BTC or more, took their total holdings to roughly 76,000 BTC this month, according to on-chain analysis.

Whales boosted their holdings by buying BTC at a lower valuation on the Bitfinex exchange. Bargain-seekers caused the asset to trade at a premium to the price of Bitcoin on Binance and Coinbase last week.

What Bitcoin Whales Could be Seeing

The accumulation has dwarfed flows into Bitcoin exchange-traded funds, which stood at roughly $744 million as of Friday. The Grayscale Bitcoin Trust (GBTC) has seen the highest outflows of $5 billion in January, according to CoinShares.

The increase in whale activity exploited the fluctuations in the Bitcoin price after the US Securities and Exchange Commission (SEC) greenlighted several ETFs. Following the approvals, Bitcoin’s volatility increased as investors cashed out or moved money between funds. Many investors were suspected of cashing out of GBTC because of its 1.5% management fee.

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Author: David Thomas

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