Whale Accumulates Bitcoin
A cryptocurrency whale has accumulated 1,750 Bitcoin ($BTC) from Binance in just two days, after previously accumulating 6,000 BTC valued at over $158.6 million between August and September.
Bitcoin Accumulation and Depositing
According to Lookonchain, the whale picked up $76.9 million worth of BTC at $43,950 per coin after an accumulation of $158.6 million of it at $26,444 per coin, buying significantly below the current market value. The whale then deposited 3,000 BTC worth $105.7 million at $35,241, making a $26.4 million profit.
Bitcoin’s Trading Price and ETF Expectations
Bitcoin is currently trading at $46,600, surging by over 170% in the last 12 months amid expectations a spot Bitcoin exchange-traded fund (ETF) will soon be launched in the United States.
Bitcoin ETF Proponents and Financial Behemoths Involvement
ETF proponents believe that it would bring in institutional and retail investors looking to gain exposure to the flagship cryptocurrency. Major financial powerhouses, including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America, are actively working to provide access to Bitcoin.
Assets Under Management and Investment
The $27 trillion in assets under management across the aforementioned institutions represents only a small fraction of this enormous sum that is anticipated to be channeled into cryptocurrency investments.
Hot Take
The recent accumulation of Bitcoin by a crypto whale points toward the rising appeal of the cryptocurrency and growing interest from institutional investors. This is a positive sign for the cryptocurrency’s future, as it is being embraced by major financial powerhouses. Expectations surrounding the launch of a Bitcoin ETF further confirm the growing integration of the cryptocurrency into traditional finance and the stock market.
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