Looking ahead to 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, hasn't exactly led to the long-awaited positive rise in the price of bitcoin, which has struggled over the past few weeks. The leading cryptocurrency has witnessed a steady rise in its value in recent days, slightly negating the period of stagnation seen over the past month.
Whales have added 250,000 btc since ETF approval: IntoTheBlock
In a recent x.com/intotheblock/status/1791846503062946046″ target=”_blank” rel=”noopener nofollow”>post on the platform, blockchain intelligence firm IntoTheBlock revealed that a particular class of bitcoin whales have been on an accumulation spree in recent months. This on-chain disclosure 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 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 more than 1,000 btc closer to its level before the FTX exchange crash.
The catastrophic fall of FTX led by Sam Bankman-Fried caused a widespread loss of faith in the cryptocurrency industry. This caused many large investors and holders to leave the market and liquidate their positions. Therefore, this latest development could be definitive proof that the market turmoil caused by the stock market crash is over.
The steady rise in these bitcoin holdings suggests that large institutions have increased confidence and demand for the leading cryptocurrency, especially after the SEC approved btc spot 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 asset prices. Therefore, 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
bitcoin price has cooled down a bit after rising from $61,000 to over $67,000 to close the week. At the time of writing, the price of bitcoin stands at around $67,170, which does not reflect any significant change in the last day. However, in the weekly period, the leading cryptocurrency is up an impressive 10%.
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btc price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart on x/76bv4ccJ/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
