Over 40% of the Bitcoin (BTC) supply is now held by this group of well addresses.

Since mid-March, there has been a significant trend of large bitcoin holders or “whales” stacking more tokens.

Recent data suggests that certain whale addresses own more than 40% of the total Bitcoin supply in bulk.

Wells Gobble Up Bitcoin Supply

Bitcoin holdings above 1,000 BTC have been a trend seen by large holders or “whales” since mid-March. According to IntoTheBlock Twitter, addresses with more than 1,000 BTC now own more than 40% of the total Bitcoin supply.

The amount of bitcoin held by large holders has steadily increased since mid-March.

Addresses holding over $1,000BTC now own over 40% of the total Bitcoin supply. pic.twitter.com/yGkTTFj20c

— Into TheBlock (@intotheblock) June 5, 2024

This concentration of ownership reflects increased confidence and trust in BTC's future price direction among wealthy investors and institutions as investor sentiment continues to remain strong on high-value investments.

Historically, such stockpiling by large holders has often preceded significant price rallies, as it reduces circulating supply and increases scarcity.

The whales' unabated inventory suggests they expect bitcoin's price to continue to appreciate, which could attract further institutional adoption and drive the next bull run.

Spot ETFs Global Hype

The growth comes as investors continue to actively invest in spot Bitcoin ETFs, with Wednesday marking the strongest day of inflows since March. This increase in interest coincides with BTC trading above $71,000. These investment vehicles, which received regulatory approval from the US Securities and Exchange Commission (SEC) in January, have played a vital role in legitimizing and facilitating activities in the market.

Spot Bitcoin ETFs saw inflows of more than $886 million on Tuesday, according to data from Farside. Fidelity's FBTC attracted the highest revenue of $378 million, followed by BlackRock's IBIT with $270 million. In particular, the grayscale GBTC, which has historically experienced outflows, also attracted $28 million from investors.

Investor confidence in Bitcoin and the broader market has been boosted by a series of positive developments globally. Last month, Hong Kong gave the green light to a Bitcoin ETF, while Australia received its first BTC ETF earlier this week. Additionally, the SEC approved eight Spot Ether ETFs in a landmark decision last month.

Recently, Thailand's Securities and Exchange Commission (SEC) approved an asset management, local company to launch Thailand's first Bitcoin ETF.