Bitcoin Whales Accumulate $3,000,000,000 in BTC in Less Than a Month, According to IntoTheBlock – Crypto News – Crypto News
Connect with us
Whales Scoop Up One Ethereum-Based Altcoin While Dumping FTX and Crypto.com Exchange Tokens: Santiment Whales Scoop Up One Ethereum-Based Altcoin While Dumping FTX and Crypto.com Exchange Tokens: Santiment

others

Bitcoin Whales Accumulate $3,000,000,000 in BTC in Less Than a Month, According to IntoTheBlock – Crypto News

Published

1 year ago

on

New data from crypto intelligence firm IntoTheBlock finds that Bitcoin (BTC) whales have accumulated billions of dollars worth of the crypto king in less than 30 days.

In a new article, the crypto analytics platform says the amount of BTC held in wallets with over 1,000 Bitcoin has sharply risen during the first month of 2024.

IntoTheBlock notes that the figure includes entities such as BTC exchange-traded funds (ETFs), which were approved earlier this year by the U.S. Securities and Exchange Commission (SEC).

“‘Whales’ include any entity, individual or fund (including the ETFs) holding over 1,000 BTC. While Bitcoin ETFs have seen net inflows of $820 million, Bitcoin whales have seen an increase of ~$3 billion (76,000 BTC) so far in 2024. Including GBTC, Bitcoin ETFs now hold 3.23% of Bitcoin’s circulating supply.

This is a higher share of supply than in gold’s case, where $110 billion out of a market cap of ~$10 trillion is held in US-traded ETFs (approximately 1% of supply). Despite Bitcoin’s correction, the high ownership of Bitcoin ETFs suggests these have actually been getting decent traction among traditional finance investors.”

Source: IntoTheBlock

The analytics firm goes on to analyze the fear, uncertainty and doubt (FUD) surrounding the Grayscale’s spot market BTC ETF (GBTC), saying that its $4.3 billion in outflows have been casting doubt on the success of BTC ETFs.

IntoTheBlock finds that at least $1 billion worth of the outflows were from bankrupt crypto exchange FTX.

“FTX’s bankruptcy estate had been holding GBTC at a discount and opted not to realize a loss by selling prior to the likely ETF conversion. Many other entities, including DCG (the parent company of Genesis) that had been holding at a loss likely decided to exit GBTC once it converted to an ETF and its discount went to near-zero.” 

GBTC traded at a -47.35 % discount to its net asset value on February 13th, 2023. The discount gradually narrowed over time and went to zero on January 26th.

Bitcoin is trading for $42,274 at time of writing, a fractional decrease during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Stavtceva Iana

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending