Bitcoin and Tether Whales Boost Holdings, Indicating Bullish Sen
Updated
Large Bitcoin investors, often known as sharks and whales, have been accumulating the leading cryptocurrency at an unprecedented rate this year. They now control the highest amount of Bitcoin in 2023, approximately 13.03 million coins, which represents over 66% of Bitcoin's circulating supply, according to data from the behavior analytics platform Santiment.
This surge in accumulation became more noticeable following the announcement by BlackRock (NYSE: BLK), the world's largest asset manager, that it filed to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. BlackRock's move seems to have reignited interest among large investors, with several other financial giants also actively exploring ways to provide access to Bitcoin.
The market has responded positively to these developments. According to CoinGecko's data, the price of Bitcoin increased by 2.5% within 24 hours on Thursday. Ether (ETH), the second-largest cryptocurrency by market capitalization, also recorded gains of approximately 4%.
Notably, it's not only Bitcoin experiencing increased accumulation. Tether (USDT), a popular stablecoin, is also witnessing a similar trend. Wallets holding between 100,000 and 10 million USDT tokens have been increasing their holdings and now control around $15 billion worth of the stablecoin, marking a six-week high.
Large investors began accumulating Bitcoin in earnest in June, shortly after BlackRock announced its intention to introduce a spot Bitcoin ETF in the United States. Between June 17 and July 10, they purchased over $2 billion worth of the asset. Additionally, these investors were active last month during a significant correction in the crypto market, buying more than 11,600 BTC between August 17 and August 25.
The accumulation of Bitcoin and Tether by large investors is generally seen as a bullish sign for the market. It indicates high levels of confidence and suggests that these investors anticipate future price increases. However, the market's response to these developments will continue to be closely monitored.
This surge in accumulation became more noticeable following the announcement by BlackRock (NYSE: BLK), the world's largest asset manager, that it filed to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. BlackRock's move seems to have reignited interest among large investors, with several other financial giants also actively exploring ways to provide access to Bitcoin.
The market has responded positively to these developments. According to CoinGecko's data, the price of Bitcoin increased by 2.5% within 24 hours on Thursday. Ether (ETH), the second-largest cryptocurrency by market capitalization, also recorded gains of approximately 4%.
Notably, it's not only Bitcoin experiencing increased accumulation. Tether (USDT), a popular stablecoin, is also witnessing a similar trend. Wallets holding between 100,000 and 10 million USDT tokens have been increasing their holdings and now control around $15 billion worth of the stablecoin, marking a six-week high.
Large investors began accumulating Bitcoin in earnest in June, shortly after BlackRock announced its intention to introduce a spot Bitcoin ETF in the United States. Between June 17 and July 10, they purchased over $2 billion worth of the asset. Additionally, these investors were active last month during a significant correction in the crypto market, buying more than 11,600 BTC between August 17 and August 25.
The accumulation of Bitcoin and Tether by large investors is generally seen as a bullish sign for the market. It indicates high levels of confidence and suggests that these investors anticipate future price increases. However, the market's response to these developments will continue to be closely monitored.
Note
The market is moving in the right direction and confirming previous calculations !Note
Due to low trading volume on Saturday and Sunday, Bitcoin is growing with a moderate slope !
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