- 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 last two weeks.
- A U.S. judge sided with them by determining that the SEC should reverse its previous stance on Grayscale’s GBTC proposal to convert it into a spot Bitcoin ETF.
- Today, Bitcoin is trading at $25,800 with a 24-hour trading volume of $17.3 billion. Despite experiencing a slight 0.70% decrease in the last 24 hours, its dominant position continues undisputed.
According to recent data provided by IntoTheBlock, Bitcoin whales have accumulated a massive amount of BTC in the last two weeks: the $30,000 level is critical!
Bitcoin Whales Continue to Accumulate
The Bitcoin ecosystem has seen increased interest, especially among larger wallet addresses. According to IntoTheBlock‘s recent data, addresses holding at least 0.1% of Bitcoin’s total supply have accumulated an impressive additional $1.5 billion worth of BTC in the last two weeks.
This accumulation comes after the excitement surrounding the potential introduction of a spot Bitcoin ETF in the U.S., particularly following a legal dispute involving crypto asset management firm Grayscale. Grayscale recently emerged victorious in a legal dispute with the U.S. Securities and Exchange Commission (SEC). A U.S. judge sided with them by determining that the SEC should reverse its previous stance on Grayscale’s GBTC proposal to convert it into a spot Bitcoin ETF. As a market barometer, Bitcoin surged over $2,000 in price, hitting a two-week high just above $28,000 after this victory.
However, as the crypto community prepared to celebrate in anticipation of ETF approval, the SEC surprised the market by choosing to delay its decision on all active Bitcoin ETF applications, including one from financial giant BlackRock.
Analytically, IntoTheBlock suggests that $30,000 is a key level for Bitcoin. Approximately 6.2 million wallets have acquired around 2.6 million BTC in this price range. Depending on market sentiment, these accumulations could either trigger an upward push in price or initiate some selling. If a spot Bitcoin ETF gets the green light in the future, a bullish price increase for the $30,000 price tag appears likely.
Ethereum Whales Making Waves
However, it’s not just the Bitcoin ocean where whales are making waves. Ethereum has seen a notable increase among long-term holders, overshadowing Bitcoin. IntoTheBlock’s on-chain metrics focus on Ethereum’s 73.5 million long-term fans 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 0.70% decrease in the last 24 hours, its dominant position continues undisputed, and its market cap is near the half-trillion-dollar mark. While regulators and market speculators continue their dance, the changing dynamics of larger whales’ behavior could be an increasingly important narrative, especially as Ethereum begins to garner attention.
