• BTC sharks and whales have purchased approximately $2.14 billion worth of the leading digital asset since June 17.
• These investors now own around 13.02 million BTC, equaling over $391 billion.
• The confidence among these investors has been fueled by recent developments such as BlackRock filing to launch a spot BTC ETF in the United States.
Bitcoin Sharks and Whales Accumulate $2B
Since June 17, Bitcoin (BTC) sharks and whales have purchased approximately $2.14 billion worth of the leading digital asset. This has resulted in these investors holding around 13.02 million BTC, equaling over $391 billion.
Confidence Fueled By Recent Developments
The confidence among these investors could be attributed to some recent developments that have infused general optimism in the industry, such as BlackRock filing to launch a spot BTC ETF in the United States. Other notable figures, such as former White House official Anthony Scaramucci, have also argued that bitcoin could become subject to mass adoption should leading financial institutions start offering their services for it.
Institutional Investors Continue To Bet On Bitcoin
Institutional investors have continued to bet on Bitcoin despite its relatively flat trading at between $30,000 and $31,000 lately. For example, Grayscale Investments added another 15,225 BTC ($482 million at current prices) to its holdings on July 8th alone – bringing its total holdings up to nearly 3% of all circulating bitcoin supply (3 million coins). Additionally, investment banks like JPMorgan Chase & Co., Goldman Sachs Group Inc., and Bank of America Corp have all voiced support for cryptocurrency investments as well as investing billions into crypto projects themselves this year already.
Will The Bulls Return?
It remains unclear whether or not this accumulation spree will result in a new bull market for Bitcoin or if it is just a temporary phenomenon before prices crash again – like they did earlier this year when bitcoin dropped from an all-time high of over $58K down below 30K within weeks due to fears surrounding inflation and taxes on capital gains relating to cryptocurrencies.. Nevertheless, with more institutional investors entering the crypto markets every day and retail traders continuing to show interest even during times of sideways trading – it seems likely that Bitcoin’s price will continue rising until it reaches new highs later this year or early next year..
Overall it appears that many investors are betting big on the future success of Bitcoin despite current market conditions – which bodes well for the world’s most popular cryptocurrency both short-term and long-term.. Although no one can predict what will happen next with any certainty – one thing is certain – there is plenty of money being poured into Bitcoin right now by both institutional and retail traders alike – which is always a good sign for any asset class!