Whales continue to hoard bitcoins and await decision on bitcoin ETF

Whales continue to hoard bitcoins and await decision on bitcoin ETF

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Answer Whales continue to hoard bitcoins and await decision on bitcoin ETF

At the moment, the world’s largest cryptocurrency is stable in the $62,000-$63,000 range.

The crypto community is watching a lot of institutional and regulatory talk about bitcoin after the launch of the first bitcoin futures ETF in the USA.

According to Glassnode data, strong bitcoin holdings by whales and large bitcoin addresses contributed to an increase in the volume of illiquid supply of bitcoin, reaching a new record of 14.52 million bitcoins.

This happens when bitcoin whales devour the main supply of bitcoin.

According to the latest Chainlaysis report, bitcoin whales have bought 142,000 bitcoins over the past week.

The report notes that whale addresses with more than 1,000 bitcoins held the highest bid for all of 2021.

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As we can see in the chart above, whales owned 185,000 bitcoins earlier in February but sold during the May period when bitcoin was near all-time highs.

But during the last week of October, Bitcoin whales added a whopping 142,000 BTC bringing the total BTC held to more than 200,000 BTC.

Additionally, Bitcoin address activity has also increased over the past week.

Over the past five days, there have been over a million active addresses interacting on the Bitcoin blockchain.

US Congressman Defends Bitcoin ETF:

The US Securities and Exchange Commission (SEC) has become somewhat comfortable with the Bitcoin futures ETF, but the demand for the spot Bitcoin ETF is increasing.

Interestingly, this time the request comes from two US congressmen, Tom Emer and Darren Soto, who sent two letters to SEC Chairman Gary Gensler requesting the same thing.

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In the letter to the Securities and Exchange Commission, members of Congress wrote:

We wonder why?

If you are comfortable with allowing trading in ETFs based on derivative contracts, you are equally or more comfortable in allowing trading in spot Bitcoin ETFs.

Bitcoin ETFs are directly dependent on the price of Bitcoin, which inherently provides more protection for investors.

The recent demand for a bitcoin spot ETF from lawmakers may speed up the approval process.

Just like Bitcoin, the demand for the Ethereum ETF for futures contracts is also increasing.

Read also:

A Shiba Inu just moved nearly $3 billion worth of coins

Miami mayor becomes first politician to get paid in bitcoin

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