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Bitcoin whales boosted coin stash by $3B in January

January 30, 2024


Crypto whales, or large investors, have accumulated $3 billion worth of bitcoin (BTC) this month, according to data tracked by onchain analytics firm IntoTheBlock.
The amount of bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 million BTC.

The leading cryptocurrency began the month positively, tapping highs above $48,900 on Jan. 11 with the debut of U.S.-based spot exchange-traded funds (ETFs). Prices then came under pressure, dropping to lows near $38,500 last week as investors in the crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC), took profits. The pullback saw some whales snap up coins at cheaper valuations through the crypto exchange Bitfinex.

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