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More than 40% of the Bitcoin (BTC) supply is now held by this group of whale addresses. The largest group of Bitcoin whales have taken over the market.
Whales hoard bitcoins. Whales are addresses that hold more than 1000 bitcoins. Now they now collectively own more than 40% of the total supply.
Since mid-March, there has been a significant trend of large Bitcoin holders or “whales” hoarding more tokens.
The latest data shows that a certain group of Whale addresses now collectively hold more than 40% of the total Bitcoin supply.
Bitcoin hoarding by large holders or “whales” holding more than 1,000 bitcoins has seen a significant trend since mid-March, according to Digital Currency. Addresses with more than 1,000 bitcoins now collectively own more than 40% of the total bitcoin supply, according to Intoblock’s tweet.
This concentration of ownership reflects the increasing confidence and belief of investors and wealthy institutions in the future price path of Bitcoin. Because investor sentiment remains bullish on the top asset.
Historically, such accumulation by large holders has often preceded significant price increases. Because it reduces the circulating supply and increases the shortage.
The continued accumulation by the whales indicates that they anticipate that the value of Bitcoin will continue to increase in value. Something that can attract more institutional acceptance and drive the next uptrend.
The development comes as investors continue to actively invest in Bitcoin ETFs, with Wednesday marking the strongest day of inflows since March. This increase in interest coincides with BTCtrading above $71,000. These investment vehicles, which received regulatory approval from the US Securities and Exchange Commission (SEC) in January, have played an important role in legitimizing and facilitating market activity.
Bitcoin Demand Increases with ETF Institutional Adoption
Bitcoin ETFs saw inflows of more than $886 million on Tuesday, according to Farside data. Fidelity’s FBTC had the most inflows with $378 million, followed by BlackRock’s IBIT with $270 million inflows. Notably, Greyscale’s GBTC, which has historically experienced outflows, also attracted $28 million from investors.
Investor confidence in Bitcoin and the broader market has been boosted by a series of positive developments globally. Last month, Hong Kong gave the green light to Bitcoin ETFs, while Australia welcomed its first Bitcoin ETF earlier this week. Additionally, the SEC approved eight Ethereum ETFs in a landmark decision last month.
Recently, the Securities and Exchange Commission of Thailand (SEC) approved local management company One Asset to introduce Thailand’s first Bitcoin ETF.
