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According to analytics firm Lookonchain, a significant Bitcoin whale has managed to accumulate $16 million worth of Bitcoin (BTC) after a serious market downturn. The firm notes this marks the third time the whale has engaged in a major accumulation frenzy. Overall, they have managed to gather $59 million since the beginning of December.
Bitcoin Commentary
Earlier today, CryptoQuant’s well-known CEO Ki Young Ju stated that new Bitcoin whales entering the market now hold about 9% of Bitcoin’s total circulating supply, which amounts to 1.8 million BTC.
Despite this, according to data provided by IntoTheBlock, Bitcoin whales have not yet started bulk buying following a significant price correction over the weekend linked to war expectations.
As per CoinGecko, the price of Bitcoin is currently trading at $63,000. Bitcoin’s price has dropped more than 11% in just the last 7 days, significantly impacting the market.
Ethereum Whales Continue to Buy
Beyond Bitcoin, significant accumulations have been made on the Ethereum front by two whales, according to data shared by Lookonchain.
These two whale addresses have recently purchased approximately $80 million worth of Ethereum from OKX and Binance, shifting all market focus there.
The recent accumulation frenzy also coincides with the approval of spot Bitcoin (BTC) ETFs and spot Ethereum (ETH) ETFs in Hong Kong.
Meanwhile, Bloomberg’s senior ETF analyst Eric Balchunas commented on the approval of spot Bitcoin ETFs by the U.S. SEC, noting the small size of the Hong Kong ETF market and the relatively low entries due to high fees.
As all these developments unfold, eyes turn once again to the U.S. Spot Ethereum ETFs might soon be approved by the U.S. SEC, but such a scenario seems unlikely due to statements made by closely following individuals and officials in recent periods.
