Earlier today, James Straten, a cryptocurrency analyst, took to Twitter to discuss the increasing number of Bitcoin whales holding over 1,000 BTC in the latter part of this year. Straten pointed out that these whales tend to acquire more Bitcoin at lower prices during bear markets, strategically building their holdings with the intention of profiting when bull markets arrive.
On October 19, data from Cryptoslate revealed a remarkable trend in Bitcoin accumulation across various user groups in October 2023. Notably, Bitcoin holdings reached their peak in July, just before the cryptocurrency embarked on its upward trajectory from a $30,000 price point. This data underscores the strong confidence and active participation of Bitcoin holders, whether they possess less than a single Bitcoin or an impressive stash exceeding 10,000 BTC.
The analysis also confirmed a consistent growth in the number of whales in 2023, with their holdings increasing from 1,400 BTC to 1,500 BTC.
Meanwhile, on October 31, a crypto enthusiast on Twitter reported that Bitcoin whales had amassed over 30,000 BTC, equivalent to $1 billion, in just one week. According to their analysis, this surge is linked to heightened institutional interest, fueled by the anticipation of Bitcoin exchange-traded funds (ETFs). The cryptocurrency market has been displaying bullish indicators, with Bitcoin having already gained 100% in 2023, and the Market Value to Realized Value (MVRV) ratio suggesting further growth potential.
Yesterday, Scott Johnsson, a financial lawyer based in the United States, sparked speculation regarding the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) on November 2. Johnsson’s post also mentioned an upcoming closed-door meeting scheduled for that date, with an agenda focused on resolving litigation claims and administrative proceedings, noting,
“I believe this is the first closed meeting of the Commissioners since the Grayscale appeal deadline expired and the mandate was delivered.“