In recent weeks, statistics have revealed a strong enthusiasm for bitcoin among institutional investors. This week, bitcoin whales broke the annual record for the quantity of BTC held. However, exactly one year ago – November 11, 2022 – they all suffered the full brunt of the consequences of the collapse of the crypto exchange FTX. What justifies this rapid and massive accumulation of BTC a few weeks before the end of 2023?
The appetite for bitcoin is exploding among institutional investors
If the entire year of 2023 was marked by a trying bear market, bitcoin whales have not stopped accumulating BTC. In a surprise move, this week the quantity of BTC held by wallets holding more than 1000 BTC broke a new annual record. The figures were revealed by on-chain data analytics company, IntoTheBlock.
According to the company, bitcoin whales now hold 7.67 million BTC, or nearly 275 billion dollars. It should be noted that immediately after the collapse of FTX followed by that of Alameda Research and Genesis, the quantity of BTC held by these large holders was reduced very quickly.
The voracious appetite of bitcoin whales for BTC this week can easily be understood. The cryptocurrency that allowed MicroStrategy to reap the rewards of its bet seems to promise imminent growth.
Whales anticipate BTC growth in the coming months
In its recent fall where its price fell below 35,500, bitcoin took ether, the largest altcoin, with it. As soon as the price of ether fell to $1900, ether whales began accumulating ETH.
Obviously, BTC returned above $36,000 with a growth of 2% over the last 24 hours. Ether again followed the parent cryptocurrency, with a 2.3% increase in its price, reaching $1,959.
For IntoTheBlock, the record accumulation of BTC by bitcoin whales at this precise moment is not the result of chance. The company says this means investors are anticipating growth in bitcoin demand and price in the near future. Perhaps, as some have predicted, we will see BTC at 40,000 or even 45,000 dollars before the end of December.
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