According to the latest data, bitcoin price spike to $39,000 this week has triggered big volume investors.

Analyzing whale behavior, on-chain monitoring source Whalemap shows cumulative activity at prices above $36,000.

This week’s bitcoin price is “triggering” whales

Whalemap identified clusters of whale purchase prices and discovered what appeared to boost market confidence for those with the largest BTC balances – from 100 BTC to 10,000 BTC.

Researcher summary on Twitter on Tuesday:

“Recent prices have prompted whales to accumulate bitcoin. According to the cluster data, the whale currently owns 330,000 BTC bought at spot prices between $36,000 and $38,000.”

Whale Wallet Cumulative Chart | Source: Whalemap

Overall, the share of BTC supply per whale wallet is now at its highest level in a decade, according to data from on-chain analytics firm Glassnode, released by Twitter account Priced in Bitcoin.

This is despite a far larger BTC user base than in the early days of the largest cryptocurrency.

BTC supply per whale wallet vs. BTC price chart | The source: Price in bitcoins

Meanwhile, trader and analyst William Clemente described whale activity over the past week as “quite a bit”.

whale balance sheet | The source: William Clemens

Exchanges see fresh Bitcoin inflow this weekend

The above result contrasts with the bearish buying trend that started in the second half of January.

For the past several weeks, exchanges have seen more outflows than inflows despite spot price action making lower lows.

However, over the past few days, exchange users have been depositing BTC into their accounts as the price surged to a two-week high.

21 platforms analyzed by the company on-chain CryptoQuant tracker has an increased balance from 2,357 million BTC on January 29 to 2,377 million BTC on January 31, the latest date for which data is currently available.

Bitcoin Exchange Reserves vs BTC/USD Price Chart | Source: CryptoQuant

As such, whales are unlikely to use exchanges to buy more, especially when making OTC trades or buying directly from miners.