Bitcoin’s largest holders, colloquially known as “whales,” haven’t seemingly taken advantage of the cryptocurrency’s massive price rise so far this year, and instead are still accumulating BTC at current price levels.

According to data from on-chain analysis firm IntoTheBlock, net outflows among the biggest Bitcoin wallets have remained exceptionally low throughout the year as these large holders keep on accumulating, in a move that “reflects a strong level of confidence in Bitcoin’s long-term potential.”

This unwavering confidence from the largest holders is a significant indicator of market sentiment. It comes after a week in which it was revealed cryptocurrency investment products saw a record $33.5 billion inflows so far this year after seeing more than $2.2 billion coming in over the past week amid a cryptocurrency market rally that helped the price of Bitcoin hit a new all-time high above $93,000.

According to CoinShares’ latest Digital Asset Fund Flows report, the total assets under management of these cryptocurrency investment products is now at a $138 billion high as inflows keep on growing.

As CryptoGlobe reported, Wall Street giant Goldman Sachs has revealed in a new filing with the U.S .Securities and Exchange Commission that it significantly increased its exposure to spot Bitcoin exchange-traded funds (ETFs).

In a new 13F filing, the Wall Street titan revealed it holds $710 million worth of various spot Bitcoin ETFs, including 12.7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at around $461 million.

The figure represents a substantial 83% increase from the previous quarter. When it held 6.9 million shares in the fund, valued at $281 million. Goldman now ranks as the second-largest holder of IBIT, trailing only hedge fund Millennium Management, whose IBIT holdings hover around $844 million.

Beyond BlackRock’s ETF, Goldman has also expanded its holdings in other prominent Bitcoin funds, increasing its stake in Fidelity’s Wise Origin Bitcoin ETF (FBTC) by 13%, in the Grayscale Bitcoin Trust (GBTC) by 116%, and in the Bitwise Bitcoin ETF (BITB) by 156%.

The bank’s FBTC holdings are now of around $95.5 million, above its Grayscale Bitcoin Trust holdings of $71.8 million. It holds $59.7 million of the Invesco Galaxy Bitcoin ETF, and $22.5 million of Bitwise’s ETF. Minor holdings including $3.1 million in Ark 21Shares’ Bitcoin ETF, as well as $791,000 in the ETF offered by WisdomTree.

Featured image via Unsplash.