Large Bitcoin holders, often referred to as “whales,” are defying historical trends by accumulating the flagship cryptocurrency even as its price is near its all-time high near the $69,000 mark.

Bitcoin is currently trading below $65,000 after briefly surpassing its previous all-time high, reached in November 202, and on-chain data indicates that major investors have been adding to their holdings in recent days, suggesting they foresee BTC is going to be trading beyond its previous high.

Over the past week, according to data from IntoTheBlock, whale addresses have acquired an additional 4,177 BTC, valued at roughly $279 million.

Some of the market’s frenzy over the last few weeks may be attributed to recently launched Bitcoin exchange-traded funds (ETFs) in the United States. These investment vehicles, which debuted back on January 11, saw inflows of $7.9 billion so far.

This whale behavior deviates from historical patterns, where these large investors typically buy during periods of lower prices and sell as prices rise. Historically, Bitcoin has surpassed its previous highs following its pre-programmed halving events, which occur roughly every four years and cut in half the number of new coins entering circulation.

As reported, Deribit’s Bitcoin Volatility Index (DVOL), a measure of the 30-day implied volatility of Bitcoin options, has surged to a 16-month high. The index has risen from an annualized 41% to 76% in just one month, reaching its highest level since November 2022 in what appears to be good news for BTC holders looking to generate income from the options market.

Deribit’s overall trading activity has surged alongside Bitcoin’s 58% increase this year. The total notional open interest across crypto futures and options on Deribit has reached a new peak of $32 billion, with the options market contributing almost $30 billion to this figure.

Featured image via Unsplash.