The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain.

An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to get bigger as Oaktree Capital’s co-chairman and co-founder Howard Marks is revisiting his previous “skeptical view” on Bitcoin. In his latest investor memo, Marks said that “thankfully,” his son had purchased a meaningful amount of Bitcoin for the family.

Several institutional investors have been critical of the central banks’ expansionary monetary policies but until now, they primarily used gold to hedge their portfolios. The ones who shifted even a small portion of their gold portfolio into Bitcoin are reaping huge gains.

Daily cryptocurrency market performance. Source: Coin360

One such firm, Ruffer Investment had redeployed 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November, and since then, gold has returned a meager 4%, and Bitcoin, even after the recent fall is still up by about 92%.

These outsized gains, even on a small percentage of the portfolio, can easily outperform the peers. To keep up with the competition, institutional investors who may have missed buying earlier could quietly open Bitcoin positions on each new correction.

Many analysts have suggested that institutional investor inflow propelled the current Bitcoin rally and for this reason, traders will be looking out for signals that large investors are buying again.

Let’s analyze the charts of the top-10 cryptocurrencies to find out.