Bitcoin Whales and Sharks Accumulated BTC Ahead of Grayscale and SEC Lawsuit Ruling
Long-term Bitcoin holders have shown resilience and optimism in the market, with data suggesting that they had insights into the outcome of the Grayscale and SEC lawsuit.
Key Points:
– Wallets holding between 10,000 to 10,000 BTC accumulated 14,596 BTC leading up to the ruling, worth over $388 million.
– BTC whales and sharks had the biggest accumulation jump of the summer before the bullish ETF news.
– Nearly 30,000 BTC were sent to crypto exchanges during the same period, increasing the exchange supply.
– Bitfinex reported that long-term BTC investors are consistently amassing more and extending their holding durations.
– 40% of the total Bitcoin supply has stayed inactive for over three years, indicating a renewed sense of optimism in the market.
Hot Take: Bitcoin whales and sharks may have had inside knowledge about the outcome of the Grayscale and SEC lawsuit, leading to their accumulation of BTC. This behavior showcases their resilience and optimism in the market.
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