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Whales own 40% of Bitcoin's supply


Since the middle of March, a discernible pattern has emerged where significant bitcoin investors, often referred to as "whales," have been increasing their holdings.

Current analysis indicates that a specific group of these whale accounts now controls over 40% of all bitcoins in circulation.

Whales Accumulate More Bitcoin

Observations point to a consistent rise in bitcoin accumulation by major stakeholders or "whales," those holding upwards of 1,000 BTC, beginning from mid-March.

This consolidation signifies a growing trust and belief by affluent players and institutions in BTC’s potential for price appreciation, with the investor mood remaining optimistic about this leading cryptocurrency.

Historically, this kind of strategic collection by major investors has often been a precursor to substantial market upticks, given it diminishes the number in circulation and enhances rarity.

The deliberate stockpiling by whales hints at their expectation for bitcoin’s price to further soar, potentially ushering in increased institutional engagement and sparking the next major market surge.

Global Excitement Over Spot ETFs

This trend emerges amidst a significant appetite for direct Bitcoin ETFs, highlighted by a record-high investment day on Wednesday since March, at a time when BTC is trading above $71,000. These investment instruments, which gained the U.S. Securities and Exchange Commission (SEC)’s nod in January, have become instrumental in both legitimizing and stimulating market movements.

As per Farside’s latest data, direct Bitcoin ETFs saw a staggering $886 million in inflows on Tuesday, with Fidelity’s FBTC leading the charge with $378 million, followed by BlackRock’s IBIT which drew $270 million. Intriguingly, Grayscale’s GBTC, despite its history of outflows, also managed to attract $28 million in investments.

The growing investors’ confidence in Bitcoin and the wider market is buoyed by optimistic developments globally. Last month featured Hong Kong’s approval for Bitcoin ETFs and Australia's debut BTC ETF earlier in the week. Moreover, in a historic decision last month, the SEC green-lighted eight spot Ether ETFs.

Adding to the positive global regulatory landscape, the Thai Securities and Exchange Commission (SEC) recently authorized One Asset Management, a domestic outfit, to launch Thailand’s premier spot Bitcoin ETF.

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