TDLR: The increase in buying occurred while inflows into centralized exchanges were near zero, suggesting that the whales were not simply moving their coins to exchanges to sell.
The purchases happened during a period when bitcoin's price was volatile, dropping below $26,000 before rising again following a court decision that could lead to the approval of a spot bitcoin exchange-traded fund (ETF) in the United States.
Despite the weak price action, the accumulation suggests that institutional investors are optimistic about bitcoin even with the delayed ETF applications.
The whales who increased their holdings are believed to be entities such as hedge funds, investment firms, and wealthy individuals
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