Bitcoin whales and sharks, which hold between 10 and 10,000 BTC, have been amassing the most Bitcoin this year, taking advantage of the bearish market, as reported by the crypto analytics platform Santiment.
According to Santiment’s analysis, Bitcoin whales have gathered 13.03 million BTC, equivalent to 66% of the total circulating BTC supply, anticipating a possible price surge. The platform’s chart also reveals that Tether whales are accumulating, maintaining a hefty sum of over 15,030 million USDT, the highest level reached in six weeks.
Historically, large investors’ combination of Bitcoin and Tether accumulation is considered a bullish signal for the cryptocurrency market, suggesting a short or medium-term price uptick.
BTC Whales Increase Amid Enthusiasm for Bitcoin Spot ETFs
According to Santiment, the total accumulation of BTC by whales is the highest recorded in 2023. The surge in accumulation by whales can be primarily attributed to the flood of requests received by the U.S. Securities and Exchange Commission (SEC) for the approval of a Bitcoin Spot ETF.
This year, the SEC has been inundated with requests to approve a Bitcoin Spot ETF after BlackRock, the world’s largest asset manager, submitted an ETF application.
The SEC remains hesitant to approve a Bitcoin Spot ETF, citing concerns about market manipulation. However, whales seem unfazed by the SEC’s disapproval, as they bought over $2 billion worth of BTC between June and July. Even last month, whales acquired more than 11,600 BTC for approximately $308 million, capitalizing on the BTC correction.
Whales Gear Up to Propel Bitcoin Price Above $27,000
As recently reported by ZyCrypto, the price of Bitcoin surpassed the $27,000 mark this Thursday, driven by whale accumulation and ongoing news regarding lawmakers’ criticism of SEC Chairman Gary Gensler for his aggressive stance on the crypto industry and the lack of regulatory clarity surrounding cryptocurrencies.
Furthermore, the Santiment analytics platform suggests that whales have been “watching from the sidelines” what unfolds in the crypto market over the past few months, waiting for the opportune moment to strike or invest heavily in the market.
While it is impossible to assert whether BTC whales will continue to drive BTC’s price to new all-time highs, what’s important is the growing interest from Wall Street’s major investors who, for years, were hesitant to accept Bitcoin for what it isāa decentralized currency immune to political or economic government interests.
