Whales Backing Spot Bitcoin ETFs by Adding More BTC to Their Holdings
The spot Bitcoin ETF issuers have added more Bitcoin (BTC) to their portfolio, underscoring the fact that whales are solidly behind the new offering and have no plans of backing down anytime soon.
Spot Bitcoin ETF Adds 9901 BTC
According to data from crypto analytics platform LookonChain, 8 of the 11 spot Bitcoin ETFs that received approval from the United States Securities and Exchange Commission (SEC) collectively added approximately 9,901 Bitcoin to their holdings on February 27, 2024.
- BlackRock’s IBIT added 2,051 BTC
- Fidelity FBTC added 4,460 BTC
- Bitwise BITB added 682 BTC
- ARK Invest ARKB added 2,394 BTC
- VanEck’s HODL added 170 BTC
- Franklin Templeton’s EZBC added 145 BTC
This is a significant increase compared to the previous day when the total BTC added was about 5,369.
No Additions for Invesco Galaxy and Valkyrie; Grayscale Sees Outflows
In contrast, Invesco Galaxy and Valkyrie’s spot Bitcoin ETFs did not add any Bitcoin. On the other hand, Grayscale experienced another round of outflows.
- The Michael Sonnenshein-led GBTC recorded an outflow of 921 BTC.
More Investors Showing Interest in Bitcoin
The growing volume of BTC suggests that crypto whales are still actively buying and participating in the market. Their actions have the potential to attract more investors to the spot Bitcoin ETF market, especially those who rely on the decisions of top investors.
Furthermore, the rallying price of Bitcoin serves as evidence of the presence of these whales.
- The price of Bitcoin is currently trading at $56,845.63 with a 6.02% increase in the last 24 hours.
- The coin is gradually approaching $60,000 and may even reach $70,000 if current predictions are correct.
Given these factors, it is highly likely that more investors will be drawn to Bitcoin. Many traders may join the market due to FOMO (Fear Of Missing Out), and if the bullish streak continues, it may not be a risky move to jump on the bandwagon.
Hot Take: Whales Continue to Support Spot Bitcoin ETFs
The recent addition of BTC to the spot Bitcoin ETF holdings by various issuers highlights the strong backing from whales in the cryptocurrency market. This demonstrates their confidence in this new investment vehicle and signals a positive outlook for its future growth. As more BTC is accumulated by these ETFs, it creates a sense of legitimacy and stability that can attract more traditional investors.
The growing interest in Bitcoin and its rising price further reinforces the presence of whales in the market. Their continued involvement not only drives up prices but also encourages more people to participate in this emerging asset class. With Bitcoin’s price inching closer to $60,000 and beyond, it’s clear that whales are playing a significant role in shaping its trajectory.
If you’re considering investing in Bitcoin or exploring opportunities within the spot Bitcoin ETF market, keeping an eye on whale activity can provide valuable insights. By observing their actions and analyzing market trends, you can make more informed investment decisions and potentially capitalize on the strategies employed by these influential investors.
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