- In January, a company called IntoTheBlock found that big investors had $3 billion worth of Bitcoin.
- The number of wallets holding more than 1,000 BTC has increased by 76,000 BTC, reaching a total of about 7. 8
- The Grayscale Bitcoin Trust (GBTC) has had outflows for 12 days in a row. The data shows that the money leaving is slowing down to $191. 7
Big-time investors in Bitcoin have shown the way by making big profits in the market. Despite recent worries and doubts about BTC ETFs, causing panic and money to be taken out, big Bitcoin investors stayed strong and handled the situation well.
Rich people who own a lot of bitcoin are setting a good example for others
Big investors, also known as Bitcoin whales, collected $3 billion worth of Bitcoin in January, as reported by the data from the company IntoTheBlock. The growing trend is clear in the nearly 7. 8 million BTC added to wallets with over 1,000 BTC. This means there is about 76,000 more BTC than before.
More whales are trading Bitcoin, and this started happening when spot exchange-traded funds (ETFs) were introduced in the United States in January. This caused Bitcoin prices to go up to over $48,900. Prices went down last week to about $38,500 because investors took their money out of the Grayscale Bitcoin Trust. Even though the price went down, some investors saw an opportunity to buy coins at lower prices on the crypto exchange Bitfinex.
Currently, the value of BTC is $43,345. 61 It went up 0. 1% in the last hour and 3. 0% since yesterday Today, the value of BTC is 8. 4% higher than it was a week ago. The current fear and greed index for BTC is at 61.
Cryptocurrencies are worth a total of $1. 75 trillion worldwide In the past 24 hours, their value has changed by 2. 52%, and over the past year, it has gone up by 63. 37% Right now, BTC’s market value is $851 billion, which means it makes up 48. 76% of the overall market. Stablecoins have a total value of $137 billion, which is about 7. 84% of the total value of all cryptocurrencies.
Unlike the increase in the number of whales, crypto funds had more money taken out last week. Grayscale’s Bitcoin investment fund lost $2. 2 billion, but new Bitcoin funds gained only $1. 8 This resulted in $500 million leaving.
Money leaving went out some more this week.
The Bitcoin price is going up at the same time as people are getting excited about the upcoming FOMC meeting. It’s interesting that the amount of money leaving GBTC has stopped, while the amount of money going into BTC ETFs has stayed the same.
On Monday, January 29th, the Grayscale Bitcoin Trust (GBTC) lost money for the 12th day in a row. The numbers show that the amount of money leaving has decreased to $191. 7
As of January 29, 2024, Grayscale had 496,573. 8166 Bitcoin and GBTC had around $21. 431 billion in assets. After the spot ETF was approved, Grayscale customers sold 120,500 bitcoins for about $5. 508
According to analyst James Seyffart, Grayscale’s GBTC has the most trading activity, with over $570 million in trades today. It’s ahead of $IBIT, which had around $110 million in trades.
This decrease in money leaving signals that there are fewer people selling Bitcoin. The most recent GBTC outflows have decreased by almost 25% from $255 million on January 26 and a big 70% drop from the fund’s highest daily outflows of $641 million on January 22.
Fidelity’s FBTC Bitcoin ETF had a big day on January. It took in $208 million in investments. 29, the amount of money leaving Grayscale Bitcoin Trust (GBTC) has reached its highest point for the first time ever. Farside Investors and BitMEX Research data shows that how investors feel about things is changing.
The amount of money leaving GBTC is getting less. People are taking out less money each day, which means less pressure to sell. On Monday, Fidelity’s FBTC received $208 million in new money, while GBTC lost $192 million.
Warning: This information is not advice for trading.
