Since the start of the year, these holders have added a substantial 266,000 BTC to their portfolios, according to analysts at Santiment. This influx of Bitcoin equates to approximately $17.5 billion in value. Notably, whales holding between 1,000 and 10,000 BTC have acquired 1.24% of the total Bitcoin supply of 21 million during this period.

Institutional Investors and Market Stability

Santiment analysts suggest that institutional investors are playing a crucial role in stabilizing the cryptocurrency market.

These institutional players have been instrumental in supporting Bitcoin’s price growth leading up to the halving event. Experts anticipate that this event will have a significant impact on Bitcoin’s value in the future. Many traders are experiencing a fear of missing out (FOMO), with expectations that Bitcoin will soon return to the $70,000 mark.

Insights from Crypto Experts

According to CryptoQuant CEO Ki Young Ju, new whales are entering the market with investments nearly double those of established whales. These new whales are defined as addresses holding over 1,000 BTC, excluding those associated with exchanges (CEX) and miners. Moreover, the age of the coins held by these whales is an important factor, with newer coins (less than 155 days old) being particularly active.

Key Market Catalysts

The recent launch of spot cryptocurrency exchange-traded funds (ETFs) in the American market has played a significant role in attracting new investors. Additionally, the Bitcoin halving event in April, which reduced the issuance of new BTC, has further fueled interest among both institutional and retail investors.

As Bitcoin continues to gain mainstream acceptance and regulatory clarity, the market dynamics are evolving. Understanding the behavior of Bitcoin whales and the factors influencing their actions is crucial for navigating the volatile cryptocurrency market.