Expert: whales have bought $94.1 billion worth of bitcoins since the beginning of the year

In less than seven months of 2024, Bitcoin whales purchased a total of 1.45 million BTC. The founder and CEO of the analytical platform CryptoQuant, Ki Young Ju, announced the record accumulation of the first cryptocurrency.

The expert classifies Bitcoin whales as wallet owners holding more than 1,000 BTC on their balances. This category includes both custodial wallets and addresses of issuers of spot Bitcoin ETFs.

At the time of publication, 1.45 million BTC is valued at more than $94 billion. Thanks to active purchases, the total balance of Bitcoin whales has grown to 1.8 million BTC, Young Ju reported.

The expert compared the current market situation with 2021. Then the total balance of such wallets increased by 70,000 BTC in 12 months. In 2024, whales will accumulate about 100,000 BTC every week, noted the CEO of CryptoQuant.

We previously reported that the governments of nine countries store 517,414 BTC in controlled crypto wallets, the estimated value of which is almost $34 billion. The largest holders include the authorities of the United States, China and Great Britain.

Previously, this list also included Germany, which held reserves of almost 50,000 BTC. However, on July 13, 2024, German authorities completed the sale of confiscated bitcoins.