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

Bitcoin (BTC) jumps to $ 39,000 has already activated large volume investors this week, the latest data show.

Analysis of whale behavior, on-chain surveillance source Whalemap public accumulation going on at levels above $ 36,000.

This week’s BTC price “triggers” whales

Identifying clusters of whale stocks, Whalemap discovered what appears to be renewed market confidence among those with some of the largest BTC balances – between 100 BTC and 10,000 BTC.

“Recent prices are triggering whales to collect Bitcoin,” researchers summarized on Twitter on Tuesday.

According to cluster data, whales have now bought 330,000 BTC at spot prices between $ 36,000 and $ 38,000.

Annotated graph for whale wallet accumulation. Source: Whalemap / Twitter

Overall, the share of BTC supply per whale exchange is now at its highest in a decade, data from on-chain analytics firm Glassnode uploaded to Twitter by popular account Priced in Bitcoin shows.

This is despite the much larger Bitcoin user base compared to the early days of the largest cryptocurrency.

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

Trader and analyst William Clemente, meanwhile, describe last week’s whale activity as a “fairly heavy” buy.

Exchanges see new inflow of BTC this weekend

The results are in contrast to a declining buying trend, which began in the second half of January.

Related: Bitcoin market dominance comes 2-month high as altcoins struggle

As Cointelegraph reported, exchanges have returned to seeing larger outflows than inflows in recent weeks, despite spot price action that brought lower lows.

In the past few days, however, exchange users have conversely sent BTC to their accounts as BTC / USD has risen to its highest level in two weeks.

The 21 platforms controlled by on-chain analytics firm CryptoQuant saw their balance sheet increase of 2.357 million BTC on Jan. 29 to 2,377 million BTC on Jan. 31, the last date for which data are currently available.

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

Whales may not actively use exchanges for larger purchases, especially if they are in a position to carry out over-the-counter transactions or buy coins directly from miners.