Bitcoin's biggest holders can't get enough of the cryptocurrency. According to new research from crypto data firm CryptoQuant, the growth in demand from whales has never been stronger.
This means that investors who own the most Bitcoin (BTC) want even more.
Bitcoin whales are investors who accumulate huge amounts of Bitcoin (at least 1,000 BTC, or at least $69 million at today's prices) and don't touch it for years. These investors make large gains as a result, although the whales are more likely to be companies and institutional holders rather than individuals.
"Currently, demand growth from this cohort of investors is at an all-time high," said CryptoQuant, adding that demand growth from large investors has led to price increases in the past.
CryptoQuant added that demand from permanent holders has outstripped the creation of new bitcoins for the first time in history, and this is likely to lead to a rise in the price of BTC following this month's halving.
The halving is scheduled for next week, a quadrennial event that will halve bitcoin miners' rewards. This should lead to a greater scarcity in the number of coins on the market.
Some analysts said the asset price would rise as a result, especially combined with the influx of capital into the space following the introduction of hugely popular exchange-traded funds (Bitcoin ETFs spot).
"This year demand has grown much faster because of ETFs," a CryptoQuant spokesperson told Decrypt. "These whales include new whales, old whales, and also ETFs."
