Large Bitcoin Investors Accumulating Record Amounts of BTC
This year, large investors in Bitcoin (BTC) have been accumulating the cryptocurrency, and they now hold the highest amount since 2023, totaling 13.03 million coins. These investors, known as Bitcoin’s sharks and whales, are defined as wallets holding between 10 and 10,000 BTC. They currently own over 66% of the circulating supply of BTC.
Accumulation of USDT Tokens by Wallets Holding Between 100,000 and 10 Million Tokens
In addition to BTC accumulation, wallets holding between 100,000 and 10 million USDT tokens have also been increasing their buying power. These wallets now possess $15 billion worth of the stablecoin, which is a six-week high.
Financial Powerhouses Entering the Crypto Space
As major financial institutions managing a collective $27 trillion in assets enter the world of Bitcoin and cryptocurrency, the accumulation trend continues. Companies such as BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are actively working to provide access to Bitcoin and more.
Bitcoin ETF Applications Ignite Accumulation Activity
The accumulation by Bitcoin and Tether sharks and whales appears to have intensified after BlackRock filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This action set off a chain reaction as other financial institutions rushed to file similar applications.
Market Response and Current BTC Price
The market reacted strongly to these developments, causing the price of BTC to reach a new high for the year above $31,000. However, it has since corrected and is currently trading at $26,800.
Hot Take: Increasing Accumulation by Large Bitcoin Investors Signals Confidence in the Market
The increasing accumulation of BTC by large investors, along with the entry of major financial powerhouses into the crypto space, suggests a growing confidence in the market. This trend highlights the potential for further growth and adoption of Bitcoin and other cryptocurrencies as institutional interest continues to rise.
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