Whale investors accumulated roughly 117 Bitcoins since the SEC vs Grayscale case development last weekend.
showed. At the time of writing, BTC exchanged hands at $27,724, but hopes of the coin gaining bullish strength in the wake of recentWith the SEC deciding against the appeal in the keenly watched case against digital asset manager Grayscale Investments, expectations of a Bitcoin spot ETF becoming a reality have become higher than ever. Probably, this played on the minds of whale investors as well.
As per a recent post by on-chain sleuth Ali Martinez, the user cohort having 100-1,000 coins in their wallets accumulated roughly 117 BTCs since the aforementioned development. At going market rates, the newly added supply amounted to $3.24 million.A widely observed phenomenon in financial markets is smart-money investors using the consolidation phase of a fundamentally strong asset to add to their existing stashes.
Spot ETFs, which could potentially drive greater capital infusion into Bitcoin and the wider market, were seen as the next big thing.However, despite the positive developments, there remained concerns about Bitcoin’s next movements. In a separate post, Ali Martinez highlighted that long-term holders of the king coin had qualms about a BTC price correction in the short-term, according to NUPL reading.Bitcoin’s price rip also bolstered its demand in the derivatives market.
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