As BTC price fluctuates, large holders accumulate $1.5 billion worth of cryptocurrencies

Undeterred by the recent price weakness, major Bitcoin (BTC) investors — “whales” in crypto-term — have increased their holdings significantly.

Data from crypto analytics firm IntoTheBlock shows that addresses holding at least 0.1% of the bitcoin supply — worth more than $500 million — added a combined $1.5 billion to their stash over the last two weeks of August .

The surge came while inflows into centralized exchanges were near zero, suggesting that “there is organic buying demand and not just funds flowing to exchange addresses,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a report.

Whales are creatures that control large amounts of a digital asset. Their purchases and sales can have a significant impact on the markets, so crypto watchers closely track their behavior to anticipate market movements.

The buying came at a time when BTC’s price was falling to a two-month low, temporarily boosted by a key court decision as part of Grayscale’s campaign to list a spot Bitcoin exchange-traded fund in the United States

Large holders have been gaining for the first time since Aug. 17, when BTC plunged more than 10% to below $26,000, its lowest price since June, data from IntoTheBlock shows.

They also increased their holdings earlier this week after wealth manager Grayscale won in court against the US Securities and Exchange Commission (SEC). A federal appeals court ordered the agency to overturn and review its refusal to convert the $14 billion Grayscale Bitcoin Trust into a more attractive spot bitcoin ETF.

Analysts interpreted the court’s decision as a major step forward in listing the first spot BTC ETF in the US, making the largest cryptocurrency more accessible to a new class of investors.

Still, BTC erased any gains from the brief recovery sparked by the Grayscale ruling, falling back below $26,000 on Friday.

Despite the weak price action, the accumulation suggests that “institutional investors are turning bullish on bitcoin as ETF decisions draw closer,” Outumuro said.

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