$BTC

Over the last seven days, Bitcoin whales have raised significant treasury, purchasing a total of 71,000 BTC, making an investment of approximately $4.3 billion. Additionally, one of the early Bitcoin adopters, a Satoshi-era whale, transferred a significant amount of BTC. This activity is linked to the latest developments in the Bitcoin market and is supported by various financial instruments and market dynamics.

Over the past week, Bitcoin whale activity has reached an extraordinary level. The accumulation of 71,000 BTC, worth approximately $4.3 billion, took place taking advantage of recent price corrections. Notably, the Bitcoin market recorded a 5% increase in the last 24 hours, rising to $63,000. This shows that whales are taking strategic positions as the market recovers.

Additionally, the Bitcoin community has witnessed the reactivation of wallets that have remained dormant since the early Bitcoin days, commonly known as the Satoshi era. Notably, “1EhXAfST,” a wallet that had been dormant for 12 years, transferred 1,000 BTC (worth approximately $60 million). When this wallet first received BTC in September 2012, the price of Bitcoin was only $12.06. This move suggests that early adopters may seek to profit by taking advantage of current market conditions.

Spot Bitcoin ETFs have also significantly impacted the recent accumulation trend. Last week, these financial instruments added $1.1 billion worth of BTC to their portfolios. In particular, US-based Bitcoin ETFs have reached a new peak in BTC holdings, with the potential to surpass the 1 million BTC mark if the accumulation pace continues. This trend is being driven in part by institutional investors seeking a safe haven following some local bank failures earlier in the year.

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I EXPLAIN IN DETAIL.

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