Big Bitcoin owners, often called “whales” in the world of cryptocurrency, didn’t seem bothered by the recent drop in Bitcoin’s price. They actually bought a lot more Bitcoin.
Data from a company that studies cryptocurrency, IntoTheBlock, shows that people who own at least 0.1% of all the Bitcoin out there (which is worth over $500 million) increased their holdings by a total of $1.5 billion in the last two weeks of August.
This increase happened even though not much Bitcoin was being sent to cryptocurrency exchanges. This suggests that these big buyers were genuinely interested in buying more Bitcoin, not just moving their money around.
Whales are individuals or groups that own a lot of a particular digital currency. When they buy or sell, it can have a big impact on the market. That’s why people who watch cryptocurrency closely pay attention to what whales are doing, because it can help predict where the market might go.
These big buyers started scooping up more Bitcoin after August 17th, when Bitcoin’s price dropped by more than 10% to below $26,000, the lowest it had been since June.
They also bought more after Grayscale, a company that manages digital assets, won a court case against the U.S. Securities and Exchange Commission (SEC). The court told the SEC to take another look at its decision not to turn Grayscale’s $14 billion Bitcoin Trust into an ETF, which is like a fund that makes it easier for people to invest in Bitcoin.
Even though Bitcoin’s price dropped back below $26,000, the fact that these big investors were buying more suggests that they’re feeling optimistic about Bitcoin, especially as the possibility of Bitcoin ETFs gets closer.
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