Bitcoin Whales Load Up With $1.5 Billion Worth Of BTC Amidst Price Uncertainty
02 September 2023 - 3:30PM
NEWSBTC
Bitcoin whales, entities holding a substantial portion of the
Bitcoin supply, have ignited speculation within the cryptocurrency
realm by amassing more than a billion worth of BTC in mere two
weeks. Data from crypto analytics firm IntoTheBlock reveals a
significant uptick in the accumulation of Bitcoin by addresses
holding at least 0.1% of the total BTC supply, valued at over $500
million each. These entities collectively added a staggering $1.5
billion to their holdings during the final two weeks of
August. This surge in accumulation coincides with the
excitement surrounding the potential introduction of a spot Bitcoin
ETF in the United States. This substantial accumulation of Bitcoin
by crypto whales serves as a clear testament to their growing
confidence and heightened interest in the cryptocurrency,
irrespective of recent price oscillations and regulatory
ambiguities. Addresses holding 0.1% of the Bitcoin supply or
more have added over $1.5B in BTC holdings in the last two weeks.
pic.twitter.com/MrHKLXO9qx — IntoTheBlock (@intotheblock) September
1, 2023 Bitcoin Price Upsurge Amidst ETF Speculation The chronology
of this accumulation is particularly captivating. While Bitcoin’s
price experienced a dip, it experienced a transitory resurgence
subsequent to a pivotal court ruling linked to Grayscale’s pursuit
of a spot Bitcoin ETF. The verdict translated into a price upswing
exceeding $2,000, propelling the alpha coin to a two-week zenith,
slightly exceeding the $28,000 threshold. Related Reading: Polygon
(MATIC) Drops Below Crucial Level – Will Sellers Exit?
Nevertheless, just as the cryptocurrency community was poised for
jubilation and pinned hopes on the ETF’s ratification, the US
Securities and Exchange Commission (SEC) introduced an unexpected
regulatory twist. A dopting a circumspect stance, the regulatory
authority deferred its verdict on all active Bitcoin ETF
applications. Consequently, Bitcoin relinquished all its gains
stemming from the brief rally triggered by the Grayscale ruling,
regressing below the $26,000 mark. BTCUSD trading at $25,382 on the
weekend chart: TradingView.com Institutional Optimism Amidst
Ambiguity The current BTC price is $25,808.30 according to
CoinGecko, with a 24-hour decline of 0.8% and a seven-day loss of
0.9%. Despite the recent tumultuous price fluctuations and the
ambiguity clouding the cryptocurrency market’s regulatory
landscape, the continual accumulation of Bitcoin by crypto whales
implies that institutional investors are cultivating an
increasingly sanguine outlook regarding Bitcoin’s long-term
prospects. Related Reading: BNB Price Forecast: Will It Break
Through Resistance At $225? The prospect of a Bitcoin ETF,
promising a regulated and accessible entryway for mainstream
investors, persists as a game-changing possibility that could
significantly reshape the crypto outlook in the United States and
beyond. While the cryptocurrency community anticipates further
developments and regulatory determinations, the conduct of these
crypto whales functions as a tangible gauge of swelling
institutional interest in Bitcoin, fortifying the belief in its
enduring value and pertinence. These crypto whales wield not
only the power to sway the market but also reflect the sentiment
and perspective of dominant participants within the dynamic domain
of cryptocurrencies. Featured image from VOI
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