Philip Gradwell, the chief economist of Chainalysis, noted in his weekly market report that over the past three months and so, more than 1,000 wealthy investors had spent large amounts of money investing in Bitcoin (BTC). According to Gradwell, when BTC’s market price was about $54,500, this particular group of investors purchased 450,000 BTCs, amounting to an estimated total of over $24.5 billion.
Gradwell reportedly utilized blockchain data to examine the market prices at which the aforementioned batch of BTCs was bought then promptly held. Furthermore, Gradwell’s analysis also considered how long each investor kept their BTC following their respective purchases. He found out that each investor held between 100 and 1,000 BTC.
On top of all that, Gradwell’s report also notes other substantial purchases from other whales. At one point – as pointed out by the report – a particular investor spent more than $1.3 billion and managed to rack up 229,000 BTC, which was purchased for an average of $55,800.
As of press time, BTC’s market price flirts around the $50,000 mark, which is a considerable decline from the past week or so where it managed to go as high as $64,000.