Bitcoin’s Big Players Amass $1.17 Billion: What’s Next?
Prominent Bitcoin (BTC) holders have been actively acquiring the leading cryptocurrency since early September, as reported by crypto analytics firm Santiment.
Santiment’s findings indicate that individuals categorized as Bitcoin “sharks” and “whales,” holding anywhere between 10 to 10,000 BTC, have amassed a collective sum of $1.17 billion since September 1st.
This pattern of accumulation raises the likelihood of BTC’s resurgence to the $30,000 price level unless these significant holders decide to offload their Bitcoin holdings.
At the time of writing, Bitcoin is currently valued at $27,853, marking an almost 3% increase within the last 24 hours. On Monday, the cryptocurrency briefly breached the $28,000 threshold, a level it hadn’t reached since August.
However, not all experts share Santiment’s viewpoint. Respected Bitcoin analyst Willy Woo recently conveyed to his one million followers on the social media platform X that purchasing BTC from exchange platforms won’t necessarily contribute to an increase in the cryptocurrency’s value.
Woo asserted, “This is a misconception. A similar scenario unfolded throughout the bear market of 2022.
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There’s no supply shortage because synthetic BTC introduced via futures markets contributed to the available inventory. The market bottomed out when futures markets adjusted.”
For investors seeking BTC exposure, the option of acquiring a futures Exchange-Traded Fund (ETF) is available. Yet, Woo emphasized that this approach does not generate a supply constraint, as these ETFs are essentially speculative wagers on BTC price appreciation, with the potential for hedge funds to take opposing positions, effectively creating new synthetic BTC.
Furthermore, this process has no finite limit. According to Woo, the authorization of a spot-based Bitcoin ETF would be instrumental in addressing this situation.
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.
