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Bitcoin Whales Balance Hits Pre-FTX Levels – BTC Price Impact?

Bitcoin Whales Balance Hits Pre-FTX Levels – BTC Price Impact?

The halving event and Bitcoin spot ETFs were likely the two most prominent stories in the cryptocurrency world going into 2024. The Securities and Exchange Commission (SEC) ‘s early approval of the first Bitcoin spot products in the US helped push the coin’s price to a record high.

However, the price of Bitcoin has not exactly experienced the much-expected upswing. It has struggled over the last few weeks due to the halving event. Over the past few days, however, the value of the leading cryptocurrency has steadily increased, perhaps offsetting the previous month’s period of stagnation.

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Since the approval of the ETF, whales have added 250,000 BTC: IntoTheBlock

Blockchain intelligence company IntoTheBlock revealed that some Bitcoin whales have been going on a collecting spree over the last two months in a post on the X platform. The Whales Balance measure, which tracks the total amount of Bitcoin held by addresses with more than 1,000 BTC, provides the foundation for this on-chain discovery. 

Since the introduction of spot ETFs in the US, a specific group of whales has seen their Bitcoin balance surge. IntoTheBlock data shows a nearly 250,000 BTC increase. Whales holding over 1,000 units are steadily increasing their holdings, nearing pre-collapse levels.

Following the disastrous collapse of the Fried-Bankman-led FTX, there was a general lack of trust in the cryptocurrency business. Numerous significant holders and investors were forced to exit the market and liquidate their holdings as a result. Thus, this most recent event may be conclusive evidence that the market turbulence caused by the exchange’s collapse has passed.

Large institutions show growing confidence in Bitcoin, evident in increased holdings post-SEC approval of spot BTC ETFs. These products offer accessibility and regulation.

Due to their ability to affect asset values, cryptocurrency whales are important market participants. Therefore, whales’ acquisition of BTC can be interpreted as a bullish indication of the coin’s price and a vote of confidence in its future direction.

A Quick Look at the Price of Bitcoin

After closing the week with a spike from $61,000 to over $67,000, the price of Bitcoin has somewhat calmed down. As of this writing, it is at about $67,170, mainly having stayed the same during the previous day. However, t, the top cryptocurrency has experienced an astounding 10% gain every week.

chart from TradingView

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