In a message on March 9, Material Indicators, an analytics service, said that buys more than $100,000 on Binance are reaching new record highs.
While smaller buy orders have plummeted, bigger purchases are more common than ever before.
This seems to match the belief that large institutions are snatching up liquidity on crypto exchanges which showed during the bull run.
Material Indicators was earlier concerned about Bitcoin’s price increase, saying that whales could “sell into” the increase, producing an echo of the rise to $58,000 and eventual 25% downturn.
Whale orders did decrease after the $1.9 trillion stimulus passed congress.
Meanwhile, another large order of almost 12,000 BTC left Coinbase’s Pro service as an example of Bitcoin whales continuing to buy.
“That happened right before the surge. Good coincidence,” quant analyst Lex Moskovski said.
The growing institutional investment in Bitcoin might fuel its acceptance as a norm for investors along with traditional plays.
“We do believe it will act more like the fixed income markets,” Cathie Wood of ARK Investments, said to CNBC.
Binance shows the next resistance for BTC/USDT bulls is around $58,000 — the current all-time high.