Bitcoin Whales Accumulate More BTC Amid Retracement
Despite the recent dip in Bitcoin’s price, large investors known as Bitcoin whales are taking advantage of the situation to accumulate more of the cryptocurrency. Inflows into accumulation addresses, which are wallets with no outgoing transactions and a balance exceeding 10 BTC, have reached an all-time high of 25,300 BTC. These addresses have received multiple incoming transactions within the last 7 years and are considered the most bullish on Bitcoin. This trend of accumulation aligns with predictions of a future bull run after the Halving event. Notably, MicroStrategy CEO Michael Saylor has also stated that his company has no plans to sell any of its Bitcoin holdings.
Record-Breaking Day for Spot Bitcoin ETFs
The newly listed Spot Bitcoin ETFs, known as ‘The Nine,’ have experienced their highest trading volume since launch, with approximately $2 billion in combined trading volume. This achievement can be attributed to the success of VanEck’s ($HODL), WisdomTree’s ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which all broke their personal records. VanEck’s Bitcoin ETF saw a significant increase in its daily average trading volume. The Bloomberg analyst who reported this development noted that the trades were likely made by retail investors rather than a single major investor.
Hot Take: Bitcoin Whales Continue to Accumulate Despite Price Dip
Despite the recent retracement in Bitcoin’s price, large investors known as Bitcoin whales remain confident in the cryptocurrency’s long-term prospects. Inflows into accumulation addresses have reached an all-time high, indicating a growing trend of accumulation among bullish investors. This aligns with predictions of a future bull run after the Halving event. Additionally, Spot Bitcoin ETFs have seen record-breaking trading volume, driven by the success of several prominent ETFs. These developments suggest that despite short-term market fluctuations, there is strong confidence and demand for Bitcoin among both institutional and retail investors.
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