Bitcoin Price Movement
Bitcoin’s price has increased by more than 130% over the last year, leading to a decrease in the cryptocurrency’s supply on trading platforms to just 5.38%.
Supply and Demand
According to Santiment, Bitcoin’s supply on exchanges has been steadily decreasing as traders move their funds away, reducing the amount of BTC available for purchase.
Tether Accumulation
On the other hand, Tether whales have been accumulating $1.67 billion worth of USDT, indicating that they may be preparing for a buying spree in the market, potentially pushing Bitcoin’s price past $40,000.
Potential for a Bitcoin ETF
Financial giants are showing interest in the crypto market, with the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States. Companies like BlackRock, Fidelity, JP Morgan, and others are making inroads into the cryptocurrency space, which could lead to increased investment in Bitcoin and other cryptocurrencies.
Hot Take: Investor Interest in Bitcoin ETF
Major Tether whales are seemingly preparing for an uptick in demand for Bitcoin as they accumulate USDT, potentially ahead of an unexpected spot Bitcoin ETF launch in the United States.
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