Bitcoin Whales Accumulate $436M Worth of BTC as Market Awaits Spot ETF Approval

Large wallets are making the best of the downward decline so that decent profits are in sight in the future.

Bitcoin (BTC) price action has been largely flat over the past 24 hours. BTC price today opened at $61,733 (roughly Rs. 50.3 lakh) and rose marginally to reach $61,700 (roughly Rs. 50.2 lakh). Bitcoin price now trades at a 0.60 percent premium.

However, despite the minimal price increase, BTC price seems to be heading towards a crucial support level. A downtrend signals a bearish slump, except for whales, who are starting to accumulate more tokens.

Large wallets are making the best of the downward decline so that decent profits are in sight in the future. Long-term holders, in particular, are trying to expand their BTC holdings in light of the price fall.

Wallet addresses that possess at least 0.1 percent of the flagship cryptocurrency have accumulated 7,130 units. It roughly translates to a collective value of $436 million (roughly Rs. 35,486 crore), accounting for the volume on a single day, June 24, 2024.

Adding Bitcoin tokens in such a large number is believed to be a vote of confidence for BTC at a time when it is struggling to sustain a surge.

Spot Bitcoin ETF has seen outflows, led by Grayscale and Fidelity investments, to name a few.

Spot Bitcoin ETF is likely to be a major driver for the growth that comes ahead. The US Securities and Exchange Commission will complement this by approving S-1 forms.

The SEC has approved a part of the registration and is likely to give a green light to the final registration form by July 4, 2024.

If approved, Spot Ether ETF will work with Spot Bitcoin ETF to pull the market from the bottom for a major uptick. Essentially, it will work to pull Ether from the lows of $3,300 (roughly Rs. 2.6 lakh).

The 24-hour trading volume remains down by 36.35 percent for Bitcoin despite a jump in the market cap. Prevailing sentiments are bearish, but near-term projections signal a bull run.

The monthly growth is anticipated to be approximately 34.08 percent of the value, and the value could increase to $71,923 (roughly Rs. 58.3 lakh) within the next five days.

That will take BTC to $83,166 (roughly Rs. 67.6 lakh) amid the volatility of 3.31 percent at the time of writing this article.

FGI has declined to 30, indicating that traders have lost their faith in Bitcoin.

There are no indications of sell pressure, except if Mt. Gox begins repayments and receivers dive into the liquidation phase.

They acquired tokens in 2013. Mt. Gox suffered a hack attack in 2014, draining tokens worth millions of US dollars.

Victims are finally receiving their dues after multiple delays, so it only makes sense if they shed some weight for a green value. This will increase the selling pressure.

This will consequently lead to further drops in the value of the token.

A rebound remains on the horizon, with no tentative timeline. Analysts had earlier said that Bitcoin could end in 2024 at as high as $150,000 (roughly Rs. 121 crore).

A generic prediction backs that analysis while presenting an alternate figure of $100,000 (roughly Rs. 80 crore).

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