BTC Whales Prepare for the Mega Bull Run, U.S. Congressmen Back Spot Bitcoin ETF

Bhushan Akolkar
November 4, 2021
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Bitcoin

Over the last week, the world’s largest cryptocurrency has been consolidating in the $62K-$63K range. We have been also hearing a lot of institutional and regulatory talk around Bitcoin post the launch of the first Bitcoin futures ETF in the United States.

As per data from Glassnode, Bitcoin HODLers have been strong holding their BTC supplies. The illiquid supply for Bitcoin has touched a record high of 14.52 million.

Courtesy: Glassnode

This happens as the Bitcoin whales have been gobbling up major supplies. As per the recent Chainlaysis report, Bitcoin whales have bought 142,000 BTC over the last week. The report further notes that whale addresses with over 1,000 BTC are holding the highest supply in the entire 2021.

Courtesy: Chainalysis

As we can see in the above chart, whales were holdings 185,000 BTC earlier in February but sold during the May period when BTC was around its all-time high levels. But during the last week of October, the BTC whales added a staggering 142,000 BTC taking the total holdings to above 200,000.

Furthermore, the Bitcoin address activity has also skyrocketed over the last week. Over the last five days, over 1 million active addresses have been interacting on the Bitcoin blockchain network.

U.S. Congressman Advocates for Spot Bitcoin ETF

Just as the U.S. Securities and Exchange Commission (SEC) has become somewhat comfortable with the Bitcoin Futures ETF, the demand for spot Bitcoin ETF is growing. Interestingly, this time it’s coming from two U.S. Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09). The two Congressmen sent letters to SEC chairman Gary Gensler requesting the same.

In the letter to the SEC, the congressmen wrote:

“We question why, if you are comfortable allowing trading in an ETF based on derivatives contracts, you are not equally or more comfortable allowing trading to commence in ETFs based on spot Bitcoin. Bitcoin spot ETFs are based directly on the asset, which inherently provides more protection for investors.”

The recent demand for spot Bitcoin ETF coming from lawmakers might accelerate the process of approval. Just like Bitcoin, the demand for Ethereum Futures ETF is also growing.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.