Bitcoin's whales and sharks amassed 71,000 BTC in the last three weeks when the value of the asset has remained largely "dull." US entities have increased their exposure to the flagship asset during this period.
He high accumulation rate by these major holders suggests high conviction fueled by the flood of cash ETF applications from traditional institutional firms.
BTC whales add $2.15 billion in 3 weeks
Data from blockchain analytics firm Santiment showed that addresses holding between 10 and 10,000 BTC have been very busy in recent weeks. Since June 17, these addresses have accumulated over 71,000 BTC worth $2.15 billion.
According to the market intelligence platform, I do not add wallets with more than 10,000 BTC because such addresses usually belong to exchanges.
This accumulation rate is a sign of high confidence in the flagship asset. But it is even more surprising considering that the BTC price has mostly traded in the $30,000 and $31,000 range.
US Entities Driving BTC Accumulation
Recent interest from traditional financial institutions in offering Spot Bitcoin exchange-traded funds (ETFs) has primarily fueled the current bullish sentiment around BTC. BlackRock June 15 application triggered a avalanche from similar applications from other financial institutions such as Fidelity and others.
Glassnode, a data aggregator, further noted that US entities have seen a significant increase in their share of Bitcoin supply. The firm added that this could signal a potential change in supply dominance if the trend continues.
BeInCrypto previously reported that institutional investors have steadily increased their Bitcoin hoarding since BlackRock filed an application for a spot BTC ETF. Several market observers note the significant accumulation of BTC and share this sentiment.
Crypto analyst Miles Deutscher suggested that the industry was witnessing the โbeginning of widespread institutional accumulation of BTC.โ Gemini co-founder Cameron Winklevoss said:
โThe Great Bitcoin Accumulation has begun. Anyone watching the flurry of ETF filings understands that the window to buy pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast.โ
BlackRock CEO Larry Fink has also changed his stance on BTC, now hailing the asset as an โinternational asset.โ Fink thinks it could be an alternative to other assets based on countries' fiat currencies.
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