Whale Accumulation Surges
As Bitcoin enters 2024, whales (addresses holding over 1,000 BTC) have been accumulating heavily. According to IntoTheBlock, these whales have added 250,000 BTC since the approval of spot ETFs in the US. This accumulation brings their balance close to pre-FTX collapse levels.
Impact on BTC Price
The whale accumulation suggests growing institutional confidence in Bitcoin. Spot ETFs provide a regulated way for institutions to invest, increasing demand for the cryptocurrency. This bullish signal may positively impact BTC’s price.
Bitcoin Price Update
After a surge to over $67,000, Bitcoin’s price has stabilized around $67,170. However, it remains up 10% on the weekly timeframe, indicating a positive trend.
