Bitcoin Whales Have Quietly Accumulated 81,000 BTC Ahead of FOMC Meet

Bitcoin ETFs saw $5.13 billion in inflows since mid-April, with BlackRock leading the charge. Along with it, Bitcoin whales have added over 81,000 BTC in the last six weeks, accumulating quietly.

Since mid-April, billions of dollars have been flowing into Bitcoin ETFs and major BTC whales have been accumulating in seven-figure amounts, even as the crypto market is awaiting the upcoming Fed decision.

At the same time, smaller wallets have been selling, and retail investors seem to be losing patience with Bitcoin as it fails to make a decisive move.

Also Read: Is Bitcoin Bottom In Sight? Analyst Examines Key Price Levels To Watch

What Happened: While everyone’s eyes are on the upcoming FOMC meeting on May 7, something much bigger might be happening quietly in the background.

Starting April 16, Bitcoin ETFs have attracted over $5.13 billion in total inflows, according to the latest data from digital assets management firm, Coinshares.

One of the main drivers of this is BlackRock (NYSE:BLK) whose iShares Bitcoin Trust pulled in $4.7 billion since early April.

However, despite the strong inflows in recent weeks, Bitcoin ETFs saw an outflow of $85.7 million on Saturday.

This ongoing accumulation comes just ahead of the FOMC’s rate decision, where there’s a 98% chance, according to Polymarket, that the Fed will keep interest rates unchanged at 4.50%. If that happens, it would mark the third straight meeting without a hike, possibly giving Bitcoin more room to breathe.

On the other hand, on-chain data from Glassnode shows that big Bitcoin whales, with a wallet of 10 to 10,000 BTC, have added over 81,080 BTC in the last six weeks.

At the same time, smaller wallets, holding less than 0.1 BTC, have sold around 290 BTC in the same period. This shows that while retail investors are unsure or losing patience, large holders are quietly building positions.

Bitcoin Price Movement: In the last 24 hours, BTC is trading at $96,694, up 2.35%. Briefly, the price touched a high of $97,500.

Also Read: Is Bitcoin Bottom In Sight? Analyst Examines Key Price Levels To