🔥SHOCK: Bitcoin Whales Accumulate Over $16 Billion in BTC Since Bitcoin ETF Launched
New data from crypto market tracker IntoTheBlock reveals that whales have accumulated more than $16 billion in Bitcoin since the launch of the Bitcoin ETF earlier this year.
According to their report, crypto whales have earned over $16.7 billion in BTC since the SEC approved exchange-traded funds.
Bitcoin is increasingly becoming the leading cryptocurrency on the market, both in terms of price, interest and market capitalization.
Following the approval of a spot Bitcoin ETF in January 2024, the asset enjoyed a strong rally, nearly doubling in price in two months. The asset stabilized in April at low $60.00. However, in the past 24 hours, Bitcoin has risen back above $68,000.
IntoTheBlock said in a recent article : “For years, the crypto industry has rallied around the message ‘institutions are coming’. “After the launch of spot BTC ETFs on the New York Stock Exchange, it is clear that the institutions have arrived.”
Bitcoin whale activity at highest level since FTX crash
According to the crypto analytics platform, the amount of BTC held by whales has returned to the level before the collapse of crypto exchange FTX. “The amount of Bitcoin held by addresses with over 1,000 BTC (‘whales’) has increased by 250,000 BTC since the ETF launched.”
The difference between then and now is the implementation of the Bitcoin ETF, which brings traditional financial companies into the role of crypto asset manager.
Furthermore, small holders are also liquidating their Bitcoin holdings, suggesting that small wallets are pouring their coins into larger holders.
Recent data from Santiment notes that this is traditionally a bullish sign for cryptocurrencies and could be the reason why values continue to rise.
#BTC🔥🔥🔥🔥🔥 #Bitcoin❗️
