Heading into the year 2024, Bitcoin spot ETFs (exchange-traded funds) and the halving event were arguably the biggest narratives in the crypto space. The Securities and Exchange Commission (SEC) approved the first BTC spot products in the US early on, driving the coin’s price to a new all-time high.
The halving event, on the other hand, has not exactly led to the highly-anticipated positive run for the Bitcoin price, which has rather struggled over the past few weeks. The premier cryptocurrency has witnessed a steady increase in its value over the past few days, slightly nullifying the period of stagnation seen in the past month.
Whales Have Added 250,000 BTC Since ETF Approval: IntoTheBlock
In a recent post on the X platform, blockchain intelligence firm IntoTheBlock disclosed that a particular class of Bitcoin whales have been on an accumulation spree in the past few months. This on-chain revelation is based on the Whales Balance metric, which tracks the total amount of Bitcoin held by addresses with more than 1,000 BTC.
According to data from IntoTheBlock, the balance of this particular set of whales has jumped by roughly 250,000 BTC since the debut of spot ETFs in the United States. This recent accumulation has pushed 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 the Sam Bankman-Fried-led FTX led to a widespread loss of faith in the cryptocurrency industry. This caused many large investors and holders to leave the market and liquidate their positions. So, this latest development might be the ultimate proof that the market turmoil from the exchange’s collapse is over.
The steady rise in these Bitcoin holdings suggests that large institutions have increased confidence and demand for the premier cryptocurrency, especially after the SEC approved the spot BTC ETFs. These investment products offer a regulated and more accessible avenue for institutional investors, particularly traditional institutions, to gain exposure to BTC.
Crypto whales are key players in the market, as their activities can influence the prices of assets. Hence, the accumulation of BTC 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
The Bitcoin price has somewhat cooled off after surging from $61,000 to above $67,000 to close the week. As of this writing, the Bitcoin price stands at around $67,170, reflecting no significant change in the past day. On the weekly timeframe, though, the premier cryptocurrency is up by 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