Bitcoin (BTC) whales are on a very bullish mission with a sudden accumulation of the digital currency according to data insights shared by top market analyst, Ali Martinez (@ali_charts).
Bitcoin Accumulation: the Grayscale Advantage
Per the X post from Ali, as validated by the accompanying chart from Santiment, a total of 117 BTC tokens have been accumulated in the past 48 hours. While the monetary valuation of this accumulated BTC is pegged at $3.2 million, its significance is hinged on the timing which corresponds to the time the market is undergoing an intense consolidation.
Bitcoin has been recording selloffs over the past few days and its price is currently pegged at $26,905.66 after its price dropped marginally by 0.13% in the past 24 hours. This milder loss is smaller than what is expected and it is a function of the continuous selloff from the retail holders despite the resurgence in whale accumulations.
Beyond the resilience of the top cryptocurrency in terms of price growth, the broader positive sentiment within its ecosystem is worth paying additional attention to. The United States Securities and Exchange Commission (SEC) refused to appeal the recent court ruling in favor of Grayscale Investment as it pertains to the conversion of its Bitcoin Trust into a full-fledged Bitcoin Exchange Traded Fund (ETF) product.
This gesture has drawn a number of impressive predictions that have now placed the odds of securing approval for a spot in Bitcoin ETF at 90%. With the potential discussion expected at the SEC in the coming weeks, many are speculating that Grayscale might be the channel through which the highly anticipated ETF products make their way into the nascent industry.
Upside for Bitcoin
Though retail buyers seem not to have caught up with the trend, Whale investors are positioning in such a way that they can be the biggest beneficiary should a Bitcoin ETF be approved.
Notably, the growth of Bitcoin must be counterbalanced by the duo of whale and retail buyers, the assumption is that the short-term rally and an eventual bullish run toward the past ATH might benefit those taking position at this time.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.