- According to the latest data from IntoTheBlock, addresses holding at least 0.1% of Bitcoin’s total supply have accumulated an impressive additional $1.5 billion worth of BTC in the past two weeks.
- A US judge has ruled that the SEC should reverse its previous stance on Grayscale’s GBTC proposal to convert it into a spot Bitcoin ETF, siding with them.
- Today, Bitcoin is trading at $25,800 with a 24-hour trading volume of $17.3 billion. Despite experiencing a slight decrease of 0.70% in the past day, it continues to maintain its dominant position unquestionably.
According to the latest data provided by IntoTheBlock, Bitcoin whales have accumulated a massive amount of BTC in the past 2 weeks: $30,000 level is critical!
Bitcoin Whales Continue to Accumulate
The Bitcoin ecosystem has seen an increase in interest, particularly among larger wallet addresses. According to the latest data from IntoTheBlock, addresses holding at least 0.1% of Bitcoin’s total supply have accumulated an impressive additional $1.5 billion worth of BTC in the past two weeks.
This increase in accumulation came especially after the excitement surrounding the potential introduction of a spot Bitcoin ETF in the US.
Grayscale, a cryptocurrency asset management firm, recently emerged victorious in a legal dispute with the US Securities and Exchange Commission (SEC). A US judge ruled that the SEC should reverse its previous stance on Grayscale’s GBTC proposal to convert it into a spot Bitcoin ETF, siding with them. As a market barometer, Bitcoin recorded an increase of over $2,000 with this victory, reaching a two-week high just above $28,000.
However, as the crypto community prepared to celebrate in hopes of the ETF’s approval, the SEC surprised them. The regulator chose to delay its decision on all active Bitcoin ETF applications, including one involving financial giant BlackRock.
According to IntoTheBlock’s analytics, $30,000 is a key level for Bitcoin. Approximately 6.2 million wallets acquired around 2.6 million BTC within this price range. Depending on market sentiment, these could initiate an upward push in price or trigger some selling. If a spot Bitcoin ETF receives the green light in the future, a bullish price increase seems likely for the $30,000 price tag.
Ethereum Whales Making Waves
However, it’s not just the Bitcoin ocean where whales are making waves. Ethereum has seen a notable increase in its long-term holders, overshadowing Bitcoin. IntoTheBlock’s on-chain metrics highlight Ethereum’s 73.5 million long-term holders compared to Bitcoin’s 33.61 million.
Today, Bitcoin is trading at $25,800 with a 24-hour trading volume of $17.3 billion. Despite experiencing a slight decrease of 0.70% in the past day, it continues to maintain its dominant position unquestionably and remains close to the half-trillion-dollar market cap mark. As regulators and market speculators continue their dance, the changing dynamics of larger whales’ behavior may become a more significant story, especially as Ethereum begins to attract attention slowly.
