Market watcher IntoTheBlock has revealed that the whales of cryptocurrency have accumulated more than $16B. Bitcoin Since the launch of Bitcoin ETFs in early this year. Their report states that crypto whales bought over $16.7B worth of BTC after the SEC approved exchange-traded fund.
Bitcoin has a huge lead in the cryptocurrency market. This is true for price, market capitalization, and interest. After the Spot Bitcoin Exchange Traded Funds were approved in January 2024 the price of the asset nearly doubled in just two months. In April, the asset settled down to a low $60 range. Bitcoin, however, has been able to climb back up above $68,000 in the past day.
Also Read: BTC Climbs Above $68,000: Why Is Bitcoin Up Today?
“For years, the crypto industry has been rallying around the message of ‘institutions are coming,'” IntoTheBlock states in a recent article. “Following the launch of the spot BTC ETFs on the New York stock exchange, it is quite evident that institutions have arrived.”
Bitcoin Whale activity is at its highest level since the FTX crash
Crypto analytics shows that BTC is now back on levels reached before the collapsed crypto exchange FTX. “The amount of Bitcoin held by addresses with over 1,000 BTC (‘whales’) has increased by 250,000 BTC since the launch of the ETFs.” What’s different between now and then is that Bitcoin ETFs have been implemented, allowing traditional financial firms to take on the role as crypto asset managers.
Also, smaller wallets liquidate their Bitcoin holdings. This shows that the coins are being thrown to bigger holders. Santiment’s recent data shows that this has traditionally been a bullish signal for cryptocurrency, and may be the reason the price continues to rise.
Also Read: Grayscale Hires Goldman Sachs’ Peter Mintzberg as New CEO
The market is currently experiencing a significant increase in its value. This is due to the increasing popularity of Bitcoin ETFs with banks and asset managers. Bitcoin’s price could rise further this week as whales are boosting the trading of Bitcoin at press time.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru