Bitcoin Whales Playing Role in Price Increase

The price of Bitcoin has reached up to $72,000 recently, surpassing the $60,000 level, and started trading again at the $70,000 level with the increasing interest of whales. This price increase shows the high risk appetite of investors and whales and leads to increasing demand for Bitcoin ETFs. Increased Interest in Bitcoin ETFs In particular, BlackRock’s Bitcoin ETF product IBIT, broke a new record by exceeding 250,000 BTC. IBIT manages approximately $17.6 billion worth of Bitcoin, making it one of the largest Bitcoin ETFs in the market. Other ETFs and Analytical Data Fidelity’s FBTC ETF also has a significant size and, as of March 27, provided a daily net inflow of $243 billion, raising the total net inflow of ETFs to $11.94 billion. In contrast, Grayscale’s GBTC is currently at a daily outflow volume of $300 million. The expected halving event for Bitcoin in April is prompting both institutional and […]

Bitcoin Whales Playing Role in Price Increase

The price of Bitcoin has reached up to $72,000 recently, surpassing the $60,000 level, and started trading again at the $70,000 level with the increasing interest of whales. This price increase shows the high risk appetite of investors and whales and leads to increasing demand for Bitcoin ETFs.

Increased Interest in Bitcoin ETFs

In particular, BlackRock’s Bitcoin ETF product IBIT, broke a new record by exceeding 250,000 BTC. IBIT manages approximately $17.6 billion worth of Bitcoin, making it one of the largest Bitcoin ETFs in the market.

Other ETFs and Analytical Data

Fidelity’s FBTC ETF also has a significant size and, as of March 27, provided a daily net inflow of $243 billion, raising the total net inflow of ETFs to $11.94 billion. In contrast, Grayscale’s GBTC is currently at a daily outflow volume of $300 million.

The expected halving event for Bitcoin in April is prompting both institutional and individual investors into action. Despite the price fluctuations in March, whales continue to accumulate Bitcoin. According to Santiment’s analysis, whales are collecting large amounts of Bitcoin before the halving, which is preparing the ground for further price increases.

In conclusion, whales play an important role in the Bitcoin market, and expectations regarding future price movements of Bitcoin are rising with the increases in ETFs.

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