Bitcoin Whales Stack Up BTC as Market FUD Intensifies, Spot ETF Market Awaits Ethereum\'s S-1 Approval

Many prominent analysts are focusing on the severe slump on the market as Bitcoin has failed to breach the critical $62000 resistance level in recent times.

While many analysts are quick to point out the bearish market slump as Bitcoin failed to cross the **$62,000 resistance in recent times, a number of market whales are capitalizing on the market drawdown to stack up on the digital currency. At press time, Bitcoin is trading at $61,207.22**, up 0.31% in 24 hours. This discount has served as a major entry point for long-term buyers. Highlighting this, data from cryptoanalytics platform IntoTheBlock shows that despite market FUD, the net inflow into Bitcoin’s largest wallets reached its highest levels since late May to set a new historical record. The platform noted that wallet addresses holding no less than 0.1% of the total Bitcoin supply have added 7,130 Bitcoin units.

“Despite market FUD, the net inflow to Bitcoin's largest wallets reached its highest levels since late May. Holders controlling at least 0.1% of the total BTC supply added 7,130 #BTC, valued at approximately $436 million, to their wallets yesterday alone.”

This massive BTC was valued at approximately $436 million and marks the whale volume for June 24 alone. This ongoing acquisition of Bitcoin by a large whale comes as a much-needed vote of confidence for the digital currency. With this backing from large whales, price resilience is formed and might help trigger a rebound in the price of the asset.

The spot Bitcoin ETF market also comes as a major dormant propeller for the price of BTC. Thus far this month, there has been a consistent outflow of funds from these spot Bitcoin ETFs, fueled by the capital exodus from Grayscale and Fidelity Investments, among others.

While Bitcoin determines the general direction of the crypto industry, its current resilience might be complemented should the spot Ethereum ETF bag S-1 approval in the near term. Already VanEck has filed form 8-A regarding its ETHETF product, implying that the SEC’s approval for trading is now one step closer. Since the approval of the spot Ethereum ETF in May triggered a market rally, there is an expectation that the news of trading approval might create a similar result.

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