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Bitcoin whales, the entities that hold a large portion of the bitcoin supply, have ignited speculation in the cryptocurrency sector by amassing over a billion worth of BTC in just two weeks.
Data from crypto analytics firm in block This shows a significant increase in the accumulation of bitcoins by addresses holding at least 0.1% of the total BTC supply, each worth more than $500 million. These institutions collectively increased their holdings by an astonishing $1.5 billion during the last two weeks of August.
This increase in accumulation coincides with the excitement surrounding the potential launch of a spot bitcoin ETF in the United States. This substantial accumulation of bitcoins by crypto whales, despite recent price fluctuations and regulatory ambiguities, is a clear evidence of their growing confidence and growing interest in cryptocurrencies.
Addresses holding 0.1% or more of the bitcoin supply have added more than $1.5B to BTC holdings over the past two weeks. pic.twitter.com/MrHKLXO9qx
—intotheblock (@intotheblock) 1 September 2023
Bitcoin price jumps amid ETF speculation
The chronology of this accumulation is particularly captivating. While the price of bitcoin experienced a decline, it experienced a temporary resurgence following a significant court decision involving the discovery of Grayscale’s spot bitcoin ETF. The decision resulted in an increase of over $2,000 in price, taking Alpha Coin to a two-week peak just above the $28,000 range.
Yet, just as the cryptocurrency community was ready to rejoice and hopes were pinned on the ratification of the ETF, the US Securities and Exchange Commission (SEC) delivered an unexpected regulatory twist. A
Taking a cautious approach, the regulatory authority deferred its decision on all active bitcoin ETF applications. As a result, bitcoin gave up all of its gains generated by the brief rally triggered by the Grayscale verdict, and fell below the $26,000 mark.
BTCUSD is trading at $25,382 on the weekend chart: Tradingview.com
Institutional Optimism Amidst Ambiguity
The current BTC price according to CoinGecko is $25,808.30, representing a 0.8% drop in 24 hours and a seven-day loss of 0.9%.
The continued accumulation of bitcoin by crypto whales shows that institutional investors are developing an increasingly optimistic view of bitcoin’s long-term prospects, despite recent turbulent price fluctuations and ambiguity in the regulatory landscape of the cryptocurrency market.
The prospect of a bitcoin ETF, which promises a regulated and accessible gateway for mainstream investors, persists as a game-changing possibility that could significantly reshape the crypto outlook in the United States and beyond. Is.
While the cryptocurrency community anticipates further developments and regulatory determinations, the conduct of these crypto whales serves as a solid gauge of growing institutional interest in bitcoin, reinforcing belief in its enduring value and relevance.
These crypto whales not only hold the power to influence the market but also reflect the sentiment and perspective of key participants within the dynamic domain of cryptocurrencies.
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source: www.newsbtc.com
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