As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current surge in Bitcoin and other cryptocurrencies is nothing short of extraordinary. The sheer volume of institutional interest, as evidenced by the massive accumulation of Bitcoin by whales, is a testament to the maturity of this market.
In just the last month, the value of Bitcoin, the premier digital currency, has soared by over 17% and currently hovers around $106,000. Earlier today, it reached an unprecedented peak of $108,200. This impressive rise in price has sparked a wave of substantial investments in Bitcoin.
Based on information from well-known crypto expert Ali Martinez, within the last two days, individuals or groups possessing substantial amounts of Bitcoin (referred to as whales) have acquired approximately 70,000 Bitcoins, valued at over $7.28 billion.
Over the past seven days, Bitcoin has experienced a surge of over 9%, consistently reaching new record highs and attracting continuous investment into platforms that provide access to it. American-approved Spot Bitcoin exchange-traded funds (ETFs), launched in January this year, have garnered an impressive $36.2 billion in combined investments, as reported by Farside Investors.
#Bitcoin whales bought over 70,000 $BTC in the last 48 hours, totaling more than $7.28 billion!
— Ali (@ali_charts) December 17, 2024
It has been reported that cryptocurrency investment products experienced inflows exceeding $3.2 billion in the last week, marking the tenth consecutive weekly increase and raising the total to an astounding $44.5 billion. Notably, Bitcoin investment products were the frontrunners, with a staggering $2 billion being directed towards these funds.
As per CoinShares’ Digital Asset Fund Flows report, Ethereum-focused investment products recorded a flow of approximately $1.089 billion over the last week, boosting the year-to-date inflows to a substantial $4.44 billion. Similarly, XRP-centric products saw an inflow of around $145.8 million.
It seems that significant whale entities in the XRP Ledger are increasingly stockpiling the native cryptocurrency XRP. Interestingly, it’s been observed that as the value of an XRP token increases, so does the amount held by these large whales.
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2024-12-17 23:49