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Earlier this week, bitcoin rallied more than 13% to a five-week high daily close of $71,400, dragging the rest of the crypto market upward.According to IntoTheBlock, Bitcoin addresses holding between 1,000 and 10,000 BTC were the main accumulators of BTC as the asset’s valuebeyond $71,000. These addresses collectively added 20,000 BTC, worth approximately $1.4 billion at current prices, to their balances in the past seven days.
The rise in BTC’s price and accumulation by whales coincides with the steady inflows into spot Bitcoin exchange-traded funds . These investment vehicles havein early May that this cohort of investors accumulated 15,121 BTC worth $941 million within 24 hours, increasing their collective wallet balance to its highest level in two weeks.
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