Bitcoin Whales Go on a $6.16 Billion Buying Spree Post-ETF Approval
Bitcoin whales have been engaging in significant accumulation activities after SEC greenlit spot Bitcoin ETFs for the US markets.
As per insights from a popular crypto analyst, these whales have been actively acquiring Bitcoin, accumulating a total of 140,000 BTC over the preceding three weeks, translating to approximately $6.16 billion in value. The debut of Bitcoin ETFs in the U.S. market on Jan. 11 marked a significant milestone after prolonged regulatory discussions.
— Ali (@ali_charts) February 10, 2024
This development, enabling investors to access Bitcoin exposure without direct ownership, signifies a notable shift towards Bitcoin’s acknowledgment as a viable investment instrument.
The uptrend in whale holdings indicates their optimistic outlook on Bitcoin’s long-term potential, notwithstanding recent market fluctuations. It appears that these investors are capitalizing on price downturns to amass more Bitcoin holdings at lower valuations, potentially anticipating further appreciation in the future.
Bitcoin recently surged past the $48,000 mark for the first time in a month, fueled by growing investments through U.S.-based exchange-traded funds and a heightened appetite for risk in financial markets.
Notably, net inflows into Bitcoin (inclusive of Grayscale outflows) continue to rise, with the influx from newly launched spot Bitcoin ETFs outweighing any outflows from Grayscale. Spot Bitcoin ETFs recorded substantial inflows, amounting to $541.5 million on Friday, contributing to a net increase of 11,388 BTC.
Bitcoin ETF Flow – 9th Feb
All data out. Strong day at $541.5m of net inflow
Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
At the time of writing, Bitcoin’s price has risen by 2.10% in the past 24 hours, reaching $48,104. It has also experienced a weekly gain of 13%, potentially marking its seventh consecutive day of positive performance if the current trend persists.