Bitcoin Whales Accumulate Relentlessly

The Bitcoin ecosystem has seen a surge of interest, especially among larger wallet addresses. Addresses holding at least 0.1% of Bitcoin’s total supply have amassed an impressive extra $1.5 billion in BTC over the past two weeks, according to the latest data from IntoTheBlock. This increase in this accumulation came especially after the excitement around the potential introduction of the spot Bitcoin ETF in the US.

Crypto asset management firm Grayscale recently emerged victorious in a legal dispute with the SEC (US Securities and Exchange Commission). A US judge sided with them, determining that the SEC should reverse its previous stance on the proposal to convert Grayscale’s GBTC into a spot Bitcoin ETF. As a market barometer, Bitcoin rallied over $2,000 with this victory, recording a two-week high of just over $28,000. However, as the crypto community prepared for the celebrations in hopes of ETF approval, the SEC had a surprise. The regulator has chosen to delay the decision on all active Bitcoin ETF applications, which specifically includes an application from financial giant BlackRock.

IntoTheBlock’s analytics suggest $30,000 is key for Bitcoin. In this price range, about 6.2 million wallets have acquired about 2.6 million BTC. Depending on the market sentiment, these may initiate an upward push in price or initiate some selling. If a spot Bitcoin ETF turns green in the future, a bull-like price increase for the $30,000 price tag looks likely.