Institutional Bitcoin Whales Made Second Biggest Buy Of The Year

Despite low ETF inflows and price movements, institutional Bitcoin (BTC) whales made their second-largest purchase of 2024.

According to data shared by an analyst of the on-chain analysis platform CryptoQuant, institutional whales made the second-largest Bitcoin purchase of 2024. Last week, the amount of Bitcoin purchased by institutional whales was recorded as 101,600 BTC.

Stating that many novice investors gave up during the recent declines in Germany and Mt.Gox, the analyst noted that the big whales spent their time collecting Bitcoin.

A similar situation was seen in March, but according to the analyst, the purchases made on those days were mostly for spot Bitcoin ETFs. He emphasized that the whales are not acting for ETFs but to buy the bottom these days:

An accumulation process of around 101.6k BTC was recorded last week, but with a special detail: ETFs were seeing low inflows and prices were falling. This shows that it is different from the demand seen in March; because at that time it was more about fundraising, while the current institutional accumulation may signal a real “bottom buying” process among large players.