Based on data from analytics firm Lookonchain, a significant Bitcoin investor has amassed approximately $16 million in Bitcoin once more following a significant market downturn.
The whale in question has bought large amounts of a cryptocurrency or asset for the third time, as reported by the firm.
Overall, they have managed to accumulate $59 million since the start of December.
Today, Ki Young Ju, the CEO of CryptoQuant, announced that approximately 9% of the entire Bitcoin supply, equivalent to around $1.8 million in Bitcoin, is now being held by newly emerged large-scale Bitcoin owners.
Despite the price decrease over the weekend as noted by IntoTheBlock, Bitcoin whales have not significantly increased their purchases yet.
Currently tracking at $64,157 on CoinGecko’s records, the value of Bitcoin has dropped by over 11% in just the last seven days.
Ethereum whales join the fray
Additionally, two more whales have amassed significant amounts of Ethereum, the second-largest cryptocurrency, as per Lookonchain’s data. In total, these two investors withdrew approximately $80 million from OKX and Binance.
The recent surge in buying Bitcoin (BTC) and Ethereum (ETH) through spot ETFs occurs at the same time. However, Eric Balchunas, an analyst at Bloomberg, anticipates that these ETFs will receive only modest investments due to Hong Kong’s limited ETF market size and high fees.
It’s uncertain if Ethereum ETFs will be authorized by the US SEC soon, despite it being a possibility.
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2024-04-15 21:17