Several major investment firms, including BlackRock, Fidelity, Invesco, and WisdomTree, have recently applied to launch their own Bitcoin Exchange-Traded Funds (ETFs). This has led experts to speculate about a “Great Accumulation” of Bitcoin. Valkyrie Investments, which already received approval for a Bitcoin futures ETF, has also applied for a spot ETF. Bitcoin has seen significant gains recently, with a 15% increase in the last week alone. On-chain metrics show that large holders of Bitcoin, holding between 100 and 1000 BTC, are buying approximately 36% of all new Bitcoin created within 24 hours. Conversely, whales holding a minimum of 1,000 BTC are selling about 70% of all coins mined daily. Valkyrie’s new application for a Bitcoin ETF has generated excitement, as the SEC has not refused BlackRock’s previous ETF applications. Cameron Winklevoss, co-founder of Gemini, believes this signals the start of a “Great Accumulation” of Bitcoin. Michael Saylor, former MicroStrategy boss, also supports the idea of an imminent bull market. However, caution should be exercised given his vested interest in Bitcoin’s growth.
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