Since the beginning of 2024, large Bitcoin holders have accumulated an additional 266,000 BTC, totaling $17.5 billion in value. Whales holding between 1,000 to 10,000 BTC have acquired 1.24% of the total supply of 21 million during this period.

Santiment analysts suggest that institutional investors are helping to stabilize the cryptocurrency market and reduce volatility. These market players also supported the increase in Bitcoin’s price leading up to the halving event, which is expected to have a significant impact on the asset’s value.

Many traders are experiencing FOMO, or fear of missing out, as they anticipate Bitcoin’s price returning to the $70,000 mark. According to CryptoQuant CEO Ki Young Ju, new whale investors in Bitcoin are investing nearly twice as much as older major players. These new whales are identified as addresses with over 1,000 BTC not associated with exchanges or miners, holding coins less than 155 days old.

The recent introduction of spot crypto ETFs in the American market and the April halving event, which reduced BTC issuance, have been key factors driving the increase in new whale investors. This influx of new investors signifies a growing interest in Bitcoin among institutional players and retail traders alike.

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