Crypto whales took advantage of the market drop and began buying bitcoins
“Whales” are actively buying bitcoins amid the ongoing crypto market crash. According to on-chain monitoring data, on February 6 large market participants purchased 66,940 BTC and moved them to their accumulation addresses.
On the same day, bitcoin noticeably recovered in price, rising from $60,074 to $71,681, according to CoinMarketCap.
Since Friday, addresses holding from 1,000 to 10,000 BTC have increased by 22,000 BTC, and addresses with 10,000–100,000 BTC — by approximately 18,000 BTC.
Institutional inflows into spot ETFs in the United States also coincided with the recent recovery of bitcoin. According to SosoValue data, on February 6, spot exchange-traded funds in the U.S. recorded a positive inflow of $371.15 million.
The largest inflow of $231.62 million went to BlackRock’s IBIT, and $24.54 million flowed into Fidelity’s FBTC. Other exchange-traded investment funds, such as ARKB from Ark & 21Shares and BITB from Bitwise, attracted $43.25 million and $28.70 million from investors on the same day, respectively.
Bitcoin’s recovery was also supported by purchases from the Binance Secure Asset Fund for Users (SAFU), which added another 4,225 BTC worth $300 million. The SAFU BTC wallet now holds 10,455 BTC, which is approximately equivalent to $731 million.
See also: "Strategy sells 616,715 shares and acquires 1,142 bitcoins for $90 million"
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