Bitcoin Reaching $100,000 remains a highly viable target, especially considering the fact that the cryptocurrency’s price reached a new all-time high above $73.00 before the halving. In preparation for the explosive movement that is expected to occur after the halving, Bitcoin whales are going all out as they fill their wallets with BTC.
Big Bitcoin whales buy more BTC
As the price of Bitcoin has recovered from its rise, large Bitcoin whales are taking advantage of the drop to buy more coins at cheap prices. These whales, who hold at least 1,000 BTC – meaning they have $70 million at the bottom, have purchased a large chunk of coins over the past three months.
Since January, there has been a constant climb in the number of wallets that hold at least 1,000 as interest continues to grow. Much of this interest is driven by institutional investors who are investing billions of dollars in Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, these institutions have been seen to have purchased a good portion of the supply.
The number of addresses holding at least 1,000 BTC was less than 1,500 at the beginning of the year. However, in March, with institutions increasing their purchases, this number rose to 1,617. This represents an 8% increase in the number of these large whales in the last three months.
Source: Glassnode
To put this increase in perspective, the last time there were so many whales with so much Bitcoin it was back in 2021, at the peak of the bull market. Therefore, if this number rises again, it means that these large investors are waiting for the price to rise and, as a result, are trying to maximize their profits.
Spot ETF inflows record 2,600% increase
After a week of consistent outflows, inflows into Spot Bitcoin ETFs are starting to increase again. On the first day of the week, entries climbed to $14.5 million, bringing a welcome change from the nearly $900 million in outflows recorded the previous week.
This change in tide appears to have brought renewed interest to investors, as Tuesday saw a whopping 2,600% increase in inflows. In total, US$418 million was recorded going to Spot Bitcoin ETFs on Tuesday, one of the biggest inflow days since ETFs were approved.
This change of direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. Since then, the price has risen above $70,000, with a 10% increase in the last week. This also validates whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings into profit.
Now, as seen in the past, the return from high inflows into spot ETFs has always been bullish for the price. Therefore, if inflows continue throughout this week, Bitcoin price could record a new all-time high before the reduce by half.
BTC bulls push price toward $72,000 | Source: BTCUSD on Tradingview.com
Featured image from India Today, chart from Tradingview.com
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