Coin Edition -
- Crypto analyst James Straten tweeted that the number of BTC whales holding more than 1K Bitcoin is increasing in Q3 of 2023.
- A user reported that BTC whales have accumulated over 30,000 BTC, worth $1 billion in 7 days.
- Lawyer Scott Johnsson tweeted about the potential approval of a spot Bitcoin ETF by the US SEC on November 2.
Earlier today, crypto analyst James Straten tweeted that the number of Bitcoin whales holding over 1K BTC has been on the rise during the latter half of this year. According to him, whales buy cheaper BTC during bear markets to increase their holdings before dumping them for profit in bull markets.
Something I'm noticing on-chain is that whales that hold 1k #Bitcoin or more are increasing in terms of number, in the second half of this year. This entity tends to increase in bear markets (buy cheap #BTC) and reduce in bull markets as they offload into profits.… pic.twitter.com/XbSOPa21PQ— James V. Straten (@jimmyvs24) November 1, 2023
On October 19, data from Cryptoslate reported that Bitcoin had been experiencing “exceptional accumulation across all cohorts in Oct. 2023.” Moreover, the holdings peaked in July, just before Bitcoin started its upward journey from $30,000. This data highlights the significant confidence and active involvement of Bitcoin holders, regardless of whether they hold less than one Bitcoin or more than 10,000 BTC.
Trend accumulation score by Cohort from Glassnode
Furthermore, the analysis confirmed that in 2023, there had been a consistent increase in the number of whales, moving from 1,400 BTC to 1,500 BTC.
Number of entities with balance >1K
Meanwhile, a crypto user on Twitter posted on October 31 that Bitcoin whales have accumulated over 30,000 BTC, worth $1 billion, in just seven days. As per their analysis, the surge is linked to increased institutional interest due to the anticipation of Bitcoin ETFs. The market has shown bullish signs, with Bitcoin gaining 100% in 2023, and the Market Value to Realized Value (MVRV) ratio suggesting further growth potential.
Yesterday, U.S.-based financial lawyer Scott Johnsson sparked speculation about the potential approval of a spot Bitcoin ETF by the US SEC on November 2. Additionally, Johnsson’s post mentioned an upcoming closed-door meeting scheduled for that date, stating, “I believe this is the first closed meeting of the Commissioners since the Grayscale appeal deadline expired and the mandate was delivered,” with an agenda involving the resolution of litigation claims and administrative proceedings.
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