Cryptocurrency Whales Accumulating Bitcoin After Introduction of Spot BTC ETFs in the US
The price of Bitcoin has decreased by nearly 20% following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States, with each BTC now changing hands for around $40,100 after dropping from a low of just under $38,000.
Whales Accumulating on Bitfinex, Creating Premium Demand for the Cryptocurrency
Large investors are actively accumulating Bitcoin on Bitfinex, leading to a $100 premium in the price of Bitcoin over other cryptocurrency exchanges, indicating significant demand for the cryptocurrency on the platform.
Bitcoin Whales Continue to Buy BTC at a $50 Million Accumulation Rate
A Bitfinex whale has been “non stop TWAP buying BTC for 3 days straight now,” accumulating an estimated $50 million worth of Bitcoin amidst the declining prices. This strategy aims to minimize market impact by splitting large orders over time.
JPMorgan Analysts Suggest that Bitcoin ETF Catalyst May Disappoint Market Participants
Analysts at JPMorgan believe that the introduction of Bitcoin ETFs may disappoint market participants, expressing concern that “disappointment with ETF fund flows could deflate the enthusiasm that has driven the cryptocurrency rally.”
Hot Take
Bitcoin is also set to go through a halving event later this year, which will reduce miners’ coinbase rewards in half, and these events are often followed by a price rally as supply entering the market is cut in half.
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