Moving Bitcoin (BTC) Stash
A Bitcoin (BTC) whale that had been inactive for around four years has moved its entire BTC stash worth around $136.9 million to two new wallets, possibly realizing gains of around $112 million.
Realized Profits
This Bitcoin whale accumulated their funds between October 2018 and December 2019 at an average price of $6,889 per coin, which means that at current market prices they are sitting at an unrealized profit of $112 million after paying nearly $25 million for their 3,623 BTC.
Potential Price Rise
The whale’s profit at the peak of the last bull run, in November 2021, was of around $244 million – but they didn’t sell their funds and instead remained dormant. The whale’s recent movement comes after Bitcoin’s price chart formed a “strikingly similar setup” to three years ago, ahead of its last bull run. Bitcoin’s supply on exchanges is now at its lowest level since December 2017 to now stand at 5.38%, hinting at a potential price rise if there’s a sudden surge in demand.
Tether Whales Accumulating
The surge could come from Tether whales, who have accumulated $1.67 billion worth of USDT, which suggests they’re getting ready to buy cryptocurrencies on the market in a buying spree. A potential catalyst for investors could be the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Financial Behemoths Making Inroads
Earlier this year, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
Increased Demand for Bitcoin
Major Tether whales are seemingly getting ready to buy ahead of an unexpected spot Bitcoin ETF launch in the United States, which would allow investors to gain exposure to the cryptocurrency without owning private keys and bring in additional demand for it.
Hot Take: Cryptocurrencies Continue to Draw Interest From Heavy Hitters
With Tether whales continuing to accumulate USDT and financial behemoths making inroads into the world of Bitcoin and other cryptocurrencies, the market continues to see increased demand and potential catalysts for growth. The potentially imminent launch of a spot Bitcoin ETF in the United States is a distinct example, suggesting that substantial institutional money could soon be bound for the cryptocurrency space.
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