Heading into 2024, Bitcoin ETFs (exchange-traded funds) and the halving event are arguably the biggest stories in the cryptocurrency space. The Securities and Exchange Commission (SEC) approved the first spot Bitcoin products in the US early on, pushing the price of the coin to a new all-time high.
On the other hand, the halving event did not lead to the expected positive rise in the Bitcoin price, which has suffered over the past few weeks. The leading cryptocurrency has seen a steady increase in its value over the past few days, slightly negating the slump it experienced last month.
Whales have added 250,000 BTC since EIF approval: IntoTheBlock
at recent days Share on X platform, blockchain intelligence firm IntoTheBlock revealed that a certain class of Bitcoin whales have been in a state of accumulation in the past few months. This on-chain disclosure is based on the Whales Balance metric, which tracks the total amount of Bitcoin held by addresses holding more than 1,000 Bitcoin.
According to data from IntoTheBlock, the balance of this particular group of whales has jumped by about 250,000 BTC since the advent of spot ETFs in the US. This recent accumulation has pushed the balance of whales holding more than 1,000 BTC to a level closer to its level before the FTX exchange collapse.
The disastrous fall of FTX led by Sam Bankman and Fried led to a widespread loss of confidence in the cryptocurrency industry. This led to many large investors and owners exiting the market and liquidating their positions. So this latest development may be the definitive proof that the market turmoil caused by the stock market crash is over.
The steady rise in Bitcoin holdings indicates that large institutions have increased confidence in and demand for the leading cryptocurrency, especially following the SEC's approval of Bitcoin ETFs. These investment products provide a regulated and accessible way for institutional investors, especially traditional institutions, to acquire Bitcoin.
Crypto whales are major players in the market, as their activities can influence asset prices. Thus, the accumulation of Bitcoin by whales can be viewed as a bullish signal for the coin's price and a vote of confidence in its future path.
Bitcoin price at a glance
Bitcoin price fell somewhat after rising from $61,000 to over $67,000 to close the week. As of this writing, Bitcoin's price is around $67,170, reflecting no significant change in the past day. Despite this, on the weekly time frame, the major cryptocurrency rose by a staggering 10%.
BTC price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView