Bitcoin and Ethereum Whales Resume Accumulation Despite Market Correction
According to Lookonchain, a prominent Bitcoin whale has once again amassed $16 million worth of Bitcoin (BTC) following a significant market downturn, marking the third such accumulation spree for the whale.
Since December, this entity has accumulated a total of $59 million. Concurrently, CryptoQuant CEO Ki Young Ju revealed that new Bitcoin whales now hold 9% of Bitcoin’s total circulation supply, equivalent to $1.8 million BTC.
Despite the recent price correction, Bitcoin whales, as per IntoTheBlock, have yet to engage in mass buying.
Additionally, Lookonchain reports that two other whales have accumulated a substantial amount of Ethereum, withdrawing nearly $80 million from OKX and Binance.
This accumulation trend aligns with the approval of spot Bitcoin (BTC) and Ethereum (ETH) ETFs.
READ MORE: Bitcoin Faces Significant Selling Pressure Amid Geopolitical Tensions
However, Bloomberg’s senior ETF analyst, Eric Balchunas, anticipates limited inflows into these ETFs due to Hong Kong’s small ETF market size and high fees.
While the approval of spot Ethereum ETFs by the US SEC remains improbable, it remains a possibility for the future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
