Bitcoin’s biggest investors appear to be upping their positions as the price recovers.
Cryptocurrency accounts holding roughly $50 million or more worth of bitcoin have steadily increased their buying since the end of June, according to new data from blockchain firm Chainalysis. That bullishness continued into late August as prices rebounded above $50,000.
“The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at Chainalysis, told CNBC.
Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said. As big investors acquire more digital assets, prices typically rise over 28 days. When they sell, prices fall, Chainalysis found.
Whale activity has fluctuated with the digital asset’s volatility. While