Bitcoin Whales Accumulate $1.5B Worth of BTC in Recent Fortnight

Bitcoin Whales Accumulate $1.5B in BTC

The Bitcoin ecosystem has witnessed a surge in interest, particularly among large wallet addresses. Data from IntoTheBlock shows that addresses holding at least 0.1% of Bitcoin’s total supply have added an impressive $1.5B worth of BTC in the past two weeks.

Addresses holding 0.1% or more of Bitcoin’s supply have acquired over $1.5B in BTC holdings recently.

Spotlight on the ETF Drama

Grayscale, a crypto asset management firm, recently won a legal battle against the US SEC. A US judge ruled in their favor, instructing the SEC to reverse its stance on Grayscale’s proposal to convert its GBTC into a spot Bitcoin ETF. This victory caused Bitcoin’s price to surge by over $2,000, reaching a two-week high above $28,000.

Grayscale’s legal victory led to a significant price increase in Bitcoin.
The SEC deferred the verdict on all active Bitcoin ETF applications, including one from BlackRock.

Bitcoin’s $30,000 Milestone

IntoTheBlock’s analytics suggest that the $30,000 mark is crucial for Bitcoin. Around 6.2 million wallets have acquired approximately 2.6 million BTC within this price range. Depending on market sentiment, this could either drive the price upwards or trigger a cascade of sales. If a spot Bitcoin ETF receives approval in the future, a bullish surge towards $30,000 is possible.

Ethereum Whales Take Center Stage

Notably, Ethereum has seen a significant increase in its long-term holders, surpassing Bitcoin. IntoTheBlock’s on-chain metrics reveal that Ethereum has 73.5 million long-term enthusiasts, while Bitcoin has 33.61 million. This shift in whale behavior highlights Ethereum’s growing prominence.

Hot Take

The recent accumulation of Bitcoin by large wallet addresses and the ongoing drama surrounding Bitcoin ETFs demonstrate the increasing interest and potential growth in the cryptocurrency market. Additionally, Ethereum’s rise in long-term holders indicates a changing dynamic in the crypto landscape. As regulatory decisions and market sentiment continue to influence prices, both Bitcoin and Ethereum are poised for further developments.