As we approach the year 2024, Bitcoin Spot ETF (exchange traded funds) and the halving event were arguably the biggest stories in the crypto space. The Securities and Exchange Commission (SEC) approved the first BTC spot products in the United States early, propelling the price of the coin to a new all-time high.
On the other hand, the halving did not exactly lead to the much-anticipated rise in the price of Bitcoin, which has instead struggled in recent weeks. The leading cryptocurrency has seen a steady increase in value over the past few days, slightly reversing the period of stagnation seen last month.
Whales added 250,000 BTC since ETF approval: IntoTheBlock
In a recent post on the platform, blockchain intelligence firm IntoTheBlock has revealed that a particular class of Bitcoin whales have gone on an accumulation spree over the past few months. This on-chain reveal is based on the Whales Balance metric, which tracks the total amount of Bitcoin held by addresses over 1,000 BTC.
According to data from IntoTheBlock, the balance of this particular set of whales has jumped by approximately 250,000 BTC since the debut of spot ETFs in the United States. This recent accumulation has brought the balance of whales holding more than 1,000 BTC closer to its level before the collapse of the FTX exchange.
The catastrophic fall of FTX led by Sam Bankman-Fried has led to a widespread loss of confidence in the cryptocurrency industry. This caused many large investors and holders to exit the market and liquidate their positions. So, this latest development could be the ultimate proof that the market disruptions caused by the stock market collapse are over.
The steady increase in these Bitcoin holdings suggests that large institutions have increased confidence and demand for the first cryptocurrency, especially after the SEC approved spot BTC ETFs. These investment products provide institutional investors, particularly traditional institutions, with a regulated and more accessible way to gain exposure to BTC.
Crypto whales are key market players because their activities can influence asset prices. Therefore, the accumulation of BTC by whales can be seen as a bullish signal for the price of the coin and a vote of confidence in its future trajectory.
Bitcoin Price at a Glance
THE Bitcoin Price calmed down somewhat after climbing from $61,000 to over $67,000 to close the week. At the time of writing, the Bitcoin price stands at around $67,170, reflecting no significant changes over the past day. However, over the weekly period, the leading cryptocurrency increased by 10%.
BTC price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
