The growing interest of institutional investors in the digital currency market is observed after the filing of an application by BlackRock to launch an exchange-based crypto fund Bitcoin-ETF.
CryptoQuant analysts have recorded an increase in the number of the largest holders of BTC or the so-called humpback whales.
The number of addresses controlling more than 5,000 BTC reached 40 at the beginning of July. Experts do not exclude that one of the companies wishing to issue a spot ETF can accumulate the cryptocurrency.
In addition to BlackRock, Fidelity and Valkyrie also filed an application to launch such an instrument with the US Securities and Exchange Commission (SEC).
Medium and large investors holding between 10 and 10,000 BTC accumulated up to 67% of the total cryptocurrency supply, the Santiment team found out.
Over the past seven weeks, these wallets have purchased more than 154,500 coins, and their total reserves have reached 13 million BTC, according to her data.
Moreover, the whales prefer to display bitcoins for offline storage. They have been taking them from exchange wallets since the end of 2022.
Small investors are also actively buying cryptocurrency. “Bitcoin shrimp” holding less than 1 BTC, on average, buy about 33,800 BTC every month, according to data from the Glassnode platform.
