Since mid-March, there has been a notable trend of large bitcoin holders or whales stashing more tokens.

The latest data suggest that a particular cohort of whale addresses now collectively own more than 40% of the total bitcoin supply.

Whales Gobble Up Bitcoin Supply

The accumulation of bitcoin by large holders or whales holding over 1,000 BTC has been a notable trend since mid-March. According to IntoTheBlocks tweet, addresses with over 1,000 BTC now collectively own more than 40% of the total bitcoin supply.

Since mid-March, the amount of Bitcoin held by large holders has steadily increased.

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

This concentration of ownership signals increased confidence and conviction among wealthy investors and institutions in BTCs future price trajectory as investor sentiment remains bullish on the top asset.

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

The steady accumulation by whales suggests they anticipate bitcoins value to continue appreciating, which could attract further institutional adoption and drive the next bull run.

Spot ETFs Global Hype

The development comes as investors continue to actively invest in spot Bitcoin ETFs, with Wednesday marking the strongest inflow day since March. This surge in interest coincides with BTCtrading above $71,000. These investment vehicles, which received regulatory approval from the US Securities and Exchange Commission (SEC) in January, have played a crucial role in legitimizing and facilitating activity in the market.

According to data from Farside, spot Bitcoin ETFs witnessed inflows exceeding $886 million on Tuesday. Fidelitys FBTC attracted the highest inflows of $378 million, followed by BlackRocks IBIT, which saw an inflow of $270 million. Notably, Grayscales 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 Bitcoin ETFs, while Australia welcomed its first BTC ETF earlier this week. Additionally, the SEC approved eight spot Ether ETFs in a landmark decision last month.

More recently, the Thai Securities and Exchange Commission (SEC) approved One Asset Management, a local firm, to introduce Thailands first spot Bitcoin ETF.