Heading into 2024, spot Bitcoin ETFs (exchange-traded funds) and the halving event were arguably the biggest narratives in the crypto space. The Securities and Exchange Commission (SEC) gave early approval to the first BTC spot products in the US, which sent the coin’s price to a modern record high.
On the other hand, the halving event did not exactly lead to the long-awaited positive augment in the price of Bitcoin, which has been rather struggling for the past few weeks. Over the past few days, the most significant cryptocurrency has seen a steady augment in its value, slightly offsetting the period of stagnation observed last month.
Whales have added 250,000 BTC since the approval of ETF: IntoTheBlock
In recent write to X platform, blockchain intelligence firm IntoTheBlock has revealed that a particular class of Bitcoin whales has gone on an accumulation spree over the past few months. This on-chain discovery is based on the Whales Balance metric, which tracks the total amount of Bitcoin held at addresses worth over 1,000 BTC.
According to IntoTheBlock data, the balance of this particular group of whales has increased 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 over 1,000 BTC closer to the level before the FTX collapse.
The disastrous collapse of FTX led by Sam Bankman-Fried led to a widespread loss of faith in the cryptocurrency industry. This caused many huge investors and holders to exit the market and liquidate their positions. So this latest development may be the final proof that the market turmoil caused by the stock market crash is over.
The steady growth in Bitcoin holdings suggests that huge institutions have increased confidence in and demand for the leading cryptocurrency, especially after the SEC approved BTC cash ETFs. These investment products offer institutional investors, particularly classic institutions, a regulated and more accessible opportunity to gain exposure to BTC.
Cryptocurrencies are key players in the market because their activities can influence asset prices. As such, BTC accumulation by whales can be seen as a bullish signal for the coin’s price and a vote of confidence in its future trajectory.
Bitcoin price at a glance
Bitcoin’s price has cooled off a bit after rising from $61,000 to over $67,000 to end the week. At the time of writing, Bitcoin is trading at around $67,170, which does not reflect significant changes over the past day. However, on a weekly basis, the main cryptocurrency is up an impressive 10%.
BTC price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
