Crypto News

Bitcoin Sharks and Whales Accumulate, Signaling Potential Bull Market

In the last five months, Bitcoin wallets holding at least 10 BTC have seen a significant increase in their holdings. According to analysis from Santimentfeed, these wallets have collectively acquired an additional 154,560 BTC. 

Historically, such accumulation by large BTC holders often precedes a bullish market phase, as it indicates growing confidence among significant investors.

This trend aligns with recent data showing a substantial shift in Bitcoin holdings, reflecting increased interest from institutional investors. Notably, BlackRock has surpassed Grayscale in the amount of BTC held. 

As per their official reports, BlackRock now holds 289,035 BTC (valued at approximately $19.5 billion), compared to Grayscale’s 287,443 BTC ($19.3 billion). This shift underscores the growing institutional adoption of Bitcoin, suggesting a potential bullish outlook.

Bitcoin ETF Net Inflow Hits $49 Million Addition On May 30th

Furthermore, the Bitcoin ETF market has shown positive net inflows, with a cumulative $49 million added on May 30, 2024. This marks 13 consecutive trading days of positive inflows, the longest streak since February 20. However, individual fund performances have varied. 

ARK BTC ETF (ARKB) experienced its largest single-day outflow since inception, while BlackRock’s IBIT saw its single-day inflow drop to $1.6 million. Meanwhile, Grayscale’s GBTC had zero flow following two days of significant outflows.

These dynamics indicate a complex market environment where institutional interest is growing, yet individual fund activities are volatile. Investors should monitor these trends closely as they could herald significant price movements in the near future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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