New information from crypto experts at IntoTheBlock shows that big Bitcoin holders, known as whales, have gotten a lot more Bitcoin in less than a month.
They say that wallets holding more than 1,000 Bitcoin have seen a big increase in the amount of Bitcoin they hold since the beginning of 2024. This includes big groups like Bitcoin exchange-traded funds (ETFs), which recently got approval from the U.S. Securities and Exchange Commission.
IntoTheBlock explains that “whales” mean any person, group, or company that owns over 1,000 Bitcoin. While Bitcoin ETFs have gotten about $820 million in new investments, Bitcoin whales have added around $3 billion worth of Bitcoin to their stash so far in 2024, which is about 76,000 Bitcoin. With the Grayscale Bitcoin Trust (GBTC) added in, Bitcoin ETFs now own about 3.23% of all the Bitcoin out there.
Intotheblock
This jump in Bitcoin ETF ownership is important, especially when compared to gold. Only about 1% of all the gold out there is held in U.S.-traded ETFs. Even though Bitcoin’s price went down recently, the fact that more people are investing in Bitcoin ETFs shows that regular investors are starting to pay attention to them.