New data from cryptocurrency market watcher IntoTheBlock reveals that whales have accumulated over $16B in Bitcoin since the launch of Bitcoin ETFs earlier this year. According to their report, crypto whales have swooped in for over $16.7B in BTC since the SEC approved the exchange-traded funds.
Bitcoin is far and away the leading cryptocurrency on the market, both by price, interest, and market cap. Following the approval of Spot Bitcoin ETFs in January 2024, the asset went on a monumental surge, nearly doubling in price in two months. The asset did settle down in April in the low $60,00 range. However, over the last 24 hours, Bitcoin has climbed back above $68,000.
Also Read: BTC Climbs Above $68,000: Why Is Bitcoin Up Today?
“For years, the crypto industry has been rallying around the message of ‘institutions are coming,'” IntoTheBlock says in a recent article. “Following the launch of the spot BTC ETFs on the New York stock exchange, it is quite evident that institutions have arrived.”
Bitcoin Whale Activity Is At Highest Level Since FTX Crash
According to the crypto analytics platform, the amount of BTC held by whales is back to levels before the disgraced crypto exchange FTX collapsed. “The amount of Bitcoin held by addresses with over 1,000 BTC (‘whales’) has increased by 250,000 BTC since the launch of the ETFs.” The difference between then and now is the implementation of Bitcoin ETFs bringing traditional finance firms into the role of crypto asset managers.
Furthermore, smallholders are liquidating their Bitcoin holdings as well, showing that small wallets are dumping their coins on larger holders. Recent data from Santiment notes that this is traditionally a bullish sign for the cryptocurrency and could be a reason why the value is continuing to increase.
Also Read: Grayscale Hires Goldman Sachs’ Peter Mintzberg as New CEO
Overall, the market appears to be in the middle of a surge in value. The rising popularity of Bitcoin ETFs amongst banks and asset management firms is a big contributor to this. With whales boosting trading activity in the asset at press time, Bitcoin may be primed for a further climb this week.