Bitcoin Whales Buy At $38K As BTC Supply Per Whale Hits 10-year High

Several large investors are rushing towards buying BTC as it begins to climb above $39000 this week. Whalemap revealed that clusters of whale bids are seen above $36000, and this is likely to act as a support level for BTC in the near term. Some of the big investors hold close to 10000 BTC, and they have become very active in recent months owning to fall in BTC price.

The cluster data has some interesting things to show about whales buying around 330,000 BTC in the rane of $36000 and $38000. According to the data available from analytics firm Glassnode, the BTC supply per whale is now at a ten-year high even after a huge increase in BTC user base across the world.

The second half of January saw more outflows than inflows due to the small increase in BTC prices in recent weeks. Analytics firm CryptoQuant said that their balance increased from 2.357 million BTC to about 2.377 BTC in the last week of January.

According to heraldnet.com, Whales are unlikely to use the exchanges when making a big purchase due to high fees and other constraints. On the other hand, buying BTC directly from miners and the OTC trade is a better option for whales as they usually deal in large quantities. The recent fall in BTC prices has pushed retail investors away from the market. However, the large investors are lapping up the opportunity to increase their BTC balance as they see a promising future for the currency.