Many analysts are focusing on the bearish slump on the market as Bitcoin has failed to breach the $62,000 resistance level in recent times. However, a number of market whales are capitalizing on the market drawdown to stack up on the digital currency. At the time of writing, the price of Bitcoin is changing hands for $61,207.22, up by 0.31% in 24 hours. This discount has served as a major entry point for long-term buyers.
Drawing on this, data from crypto analytics platform IntoTheBlock shows that despite market FUD, the net inflow into Bitcoin’s largest wallets reached its highest level since late May to set a new historical record. The platform hinted that wallet addresses holding no less than 0.1% of the total Bitcoin supply have added 7,130 Bitcoin units.
Despite market FUD, the net inflow to Bitcoin’s largest wallets reached its highest level since late May.
Holders controlling at least 0.1% of the total BTC supply added 7,130 #BTC, valued at approximately $436 million, to their wallets yesterday alone. pic.twitter.com/elMilAgK58
— IntoTheBlock (@intotheblock) June 25, 2024
This massive BTC was valued at approximately $436 million and marks the whale volume for June 24 alone. This ongoing acquisition of Bitcoin by a large whale comes as a much-needed vote of confidence for the digital currency. With this backing from large whales, price resilience is formed and might help trigger a rebound in the price of the asset.
The spot Bitcoin ETF market also comes as a major dormant propeller for the price of BTC. Thus far this month, there has been a consistent outflow of funds from these spot Bitcoin ETFs, fueled by the capital exodus from Grayscale and Fidelity Investments, among others.
While Bitcoin determines the general direction of the crypto industry, its current resilience might be complemented should the spot Ethereum ETF bag S-1 approval in the near term. Already VanEck has filed form 8-A regarding its ETH ETF product, implying that the SEC’s approval for trading is now one step closer.
Since the approval of the spot Ethereum ETF in May triggered a market rally, there is an expectation that the news of trading approval might create a similar result.
