Accumulation Surge
Since the launch of Bitcoin (BTC) exchange-traded funds (ETFs) in January, whales have snapped up a staggering $16.8 billion worth of BTC. This surge in accumulation signals the arrival of institutional investors into the crypto market.
Whales Return
The amount of BTC held by whales has recovered to pre-FTX collapse levels. However, traditional finance firms have replaced crypto asset managers as the dominant players in this category.
Institutional Adoption
Hedge funds have been actively buying BTC ETFs, with Millenium Management reportedly investing up to $2 billion. This influx of institutional capital confirms the long-awaited arrival of institutional adoption in the crypto space.
Current Market
As of this writing, BTC is trading at $66,635, showing a slight increase over the past 24 hours.
