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According to a post published by cryptocurrency analyst and trader Ali Martinez, Bitcoin whales have accumulated more than 20,000 BTC in less than a week, increasing their bet on the world’s largest cryptocurrency.
20,000 BTC absorbed by whales
Martinez shared a chart by Santiment, showing that during the past two days, whale holders of 100-1,000 BTC have purchased more than 20,000 BTC. This amount of Bitcoin is valued at $2,106,678,000 in fiat at the moment.
During this period, the flagship digital currency has lost close to 4%, falling from the $108,900 zone to the $105,000 price level. The aforementioned Bitcoin holders took advantage of that price decline to increase their Bitcoin stashes.
Analysts believe that Bitcoin is likely to reach a new all-time high this year. Michael van de Poppe reckons that BTC has lost a critical level of support, but it will hardly face a severe price decline. If Bitcoin manages to reclaim $106,500-107,000, he believes, then this “would be the party trigger sign for new all-time highs.”
As U.Today reported earlier, the founder and CEO of Galaxy Digital, Mike Novogratz, said that he expects Bitcoin to reach $130,000 or higher by the end of the year. Tim Draper sees BTC hitting $250,000 within the same time frame.
BlackRock buys $480.62 million in BTC
According to an X post published by the analytics account Lookonchain, on May 29, spot Bitcoin ETFs have experienced a total net flow of $430.25 million worth of BTC. The largest Bitcoin chunk was absorbed by BlackRock’s IBIT — 4,476 BTC valued at $480.62 million. Currently, this ETF holds 663,773 Bitcoin in total — that is worth $71.27 billion.
There were two other ETFs that welcomed positive net flows — Grayscale Bitcoin Mini Trust (+328 BTC) and VanEck Bitcoin ETF (+71 BTC). In total this week, IBIT has seen inflows of 20,018 BTC.
Glassnode reminded the community in a recent tweet that, last week, spot Bitcoin ETFs saw days of consecutive inflows of more than $300 million in Bitcoin per day. Ethereum ETFs have also seen large inflows. On Thursday, BlackRock sucked in 19,977 ETH and in total 52,668 ETH during the week. Grayscale Ethereum Trust absorbed 16,062 ETH over the last week, while Fidelity bought 26,973 ETH over the same period.
Vladislav Sopov
U.Today Editorial Team