The latest data shows that Bitcoin’s (BTC) surge to $39,000 has already energized major investors this week.
After analyzing the behavior of the whale, chain monitoring resource Whalemap revealed a continued build-up at levels above $36,000.
The price of BTC this week “raised” the whales
By identifying whale offerings, Whalemap showed that there appears to be renewed confidence in the market among those with the largest BTC balances, ranging from 100 BTC to 10,000 BTC.
“The recent price has caused whales to hoard bitcoin,” the researchers tweeted on Tuesday.
The whales have already bought 330,000 bitcoins at a spot price of $36,000 to $38,000, according to the block data.
Annotated whale wallet accumulation scheme. Source: Whalemap/Twitter
Overall, the proportion of BTC supply per whale wallet is currently at its highest level in a decade, according to data from chain analysis firm Glassnode, which was uploaded to Twitter by the popular Priced in Bitcoin account.
This is despite a much larger user base for bitcoin compared to the early days of the cryptocurrency.
Watching bitcoins on a whale compared to a BTC/USD chart. Source: Bitcoin Price / Twitter
Meanwhile, trader and analyst William Clemente described the whale’s activity last week as a “pretty big” buy.
Stock Markets See New BTC Influx This Weekend
The results reversed the downward buying trend that began in the second half of January.
Related: Bitcoin market value dominance reaches two-month high as altcoins struggle
In recent weeks, stock markets have returned to more outflows than inflows in recent weeks, despite spot price action that led to smaller drops, Cointelegraph reports.
However, in recent days, exchange users have sent BTC to their account, while the BTC/USD rate has reached a two-week high.
The shares of the 21 platforms that were tracked by on-chain analytics firm CryptoQuant increased from 2.357 million BTC on January 29 to 2.377 million BTC on January 31, which is the latest date for which data is currently available.
Bitcoin and BTC/USD exchange reserves chart. Source: CryptoQuant
Whales cannot actively use exchanges for large purchases, especially if they are able to fulfill OTC agreements or buy coins directly from miners.