Bitcoin whales buy at $38K as BTC supply per whale hits 10-year high

Bitcoin (BTC), which has jumped to $39,000, was activated by large-volume investors this week according to the most recent data.

Whalemap, an on-chain monitoring resource Whalemap, analysed whale behavior and found accumulation at levels exceeding $36,000.

Whales were “triggered” by this week’s BTC-price.

Whalemap identified clusters of whale biddings and discovered what appears to have been renewed market confidence among people with the largest BTC balances, between 100 BTC & 10,000 BTC.

Researchers summarized the findings on Twitter Tuesday: “Recent price spikes triggered whales in bitcoin accumulation.”

Cluster data shows that whales currently own 330,000 Bitcoin, bought at spot prices of $36,000 to $38,000.

Annotated chart of whale wallet accumulation Source: Whalemap/Twitter

The overall BTC supply per whale wallet has risen to its highest level in a decade, according to data from Glassnode, an on-chain analytics firm. It was uploaded to Twitter by Priced in Bitcoin.

This is despite the fact that Bitcoin’s user base is much larger than it was in its early days.

BTC/USD chart vs. Bitcoin supply per whale Source: Prices in Bitcoin/Twitter

William Clemente, an analyst and trader, described last week’s whale activity as “fairly intense” buying.

This weekend, BTC flooded exchanges

These results are in stark contrast to the decreasing buying trend that began in January’s second half.

Related: Bitcoin market dominance reaches 2-month high, altcoins struggle

Cointelegraph reported that exchanges have seen greater outflows than they did inflows over the past week, despite spot prices hitting lower lows.

However, users of exchange have been sending BTC to each other in the last few days as BTC/USD rose to its highest level in two weeks.

On-chain analytics firm CryptoQuant monitored 21 platforms and saw their balances increase from 2.357 Million BTC on January 29 to 2.377 Million BTC on January 31, the most recent date for which data are available.

Bitcoin exchange reserves vs. BTC/USD chart. Source: CryptoQuant

Whales might not use exchanges to buy larger amounts of coins, especially if they can do over-the-counter trading or purchase coins from miners.