While Whales Accumulate, Demand for Spot Bitcoin ETFs Rises!

  • Bitcoin ETFs continue to be the driving force behind all trading activities revolving around BTC.
  • VanEck’s spot Bitcoin ETF experienced a significant surge, with trading volume surpassing $300 million, marking a notable jump compared to the previous best trading day.
  • Market analysts, including Michael Saylor, believe that Wall Street is attempting to corner the Bitcoin market.

As the demand for Spot Bitcoin ETFs continues to rise, BTC whales also persist in accumulating; here are the latest details!

Demand for Spot Bitcoin ETFs Continues to Rise

Bitcoin-BTC

Bitcoin ETFs continue to be the driving force behind all trading activities revolving around BTC. On February 20th, Tuesday, Eric Balchunas, Senior ETF Strategist at Bloomberg Intelligence, mentioned that nine Bitcoin ETFs recorded the largest single-day trading volume since their launch.

In a post on Eric Balchunas’ X platform, Bloomberg ETF strategist, he stated that the combined trading volume reached approximately $2 billion, and this amount was achieved through significant contributions from $HODL, $BTCW, and $BITB, breaking the previous trading volume records.

Balchunas highlights the significance of this achievement as follows: A $2 billion trading volume places The Nine ETF among the top 10 ETFs and within the top 20 individual stocks.

VanEck’s spot Bitcoin ETF experienced a significant surge, with trading volume surpassing $300 million, marking a notable jump compared to the previous best trading day. According to data from Yahoo Finance, the ETF reached a daily trading volume of $25.5 million on its launch day on January 11th.

On the other hand, Bitcoin advocate and MicroStrategy CEO Michael Saylor emphasized the commitment to hold MicroStrategy’s Bitcoin in the near future. Pointing out the significant capital flow from traditional systems to digital platforms through Bitcoin ETFs, he highlighted Bitcoin’s increasing value compared to assets like gold, real estate, and the S&P Index.

In addition to Michael Saylor, other market analysts also believe that Wall Street is attempting to corner the Bitcoin market.

Whales Continue Strong Accumulation

Ki Young Ju, the CEO of CryptoQuant, reported on Monday, February 19th, that Bitcoin whale accumulation addresses received a net inflow of 25,300 BTC in a single day, indicating a record increase. Accumulation addresses usually have specific criteria, including no outgoing transactions, a balance of more than 10 BTC, exclusion of certain address types, and activity within the last 7 years.

Amidst all the developments around Bitcoin ETFs, the Bitcoin price maintains a stable trajectory around $52,000, and investors continue to await the next move. A move outside the range between $51,700 and $52,515 will provide a clear indication of where the BTC price is heading.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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