Spot Bitcoin ETF: Market Data Shows Whales Are Not Backing Down

The spot Bitcoin ETF issuers have added more Bitcoin (BTC) to their portfolio, underscoring the fact that whales are solidly behind the new offering and have no plans of backing down anytime soon.

Spot Bitcoin ETF Adds 9901 BTC

According to data from crypto analytics platform LookonChain, 8 of the 11 spot Bitcoin ETFs that received approval from the United States Securities and Exchange Commission (SEC) collectively added approximately 9,901 Bitcoin to their holdings on February 27, 2024.

Precisely, BlackRock’s IBIT added 2,051 BTC, Fidelity FBTC 4,460 BTC, Bitwise BITB 682 BTC, ARK Invest ARKB 2,394 BTC, VanEck’s HODL 170 BTC, and Franklin Templeton’s EZBC added 145 BTC. Compared to the previous day when the total BTC added was about 5,369, the current figure is best described as outstanding.

While Invesco Galaxy and Valkyrie’s spot Bitcoin ETFs did not add any Bitcoin like others, Grayscale saw another bout of outflows. 

The Michael Sonnenshein-led GBTC recorded an outflow of 921 BTC. Considering the massive volume of outflows that Grayscale had previously recorded, it is obvious that there is a gradual decrease in the overall outflow the firm GBTC is recording. 

More Investors Showing Interest in Bitcoin

Additionally, the growing volume of BTC suggests that crypto whales have kept buying and are still in the market. Even though the spot Bitcoin ETF market has gained reasonable traction in the last few weeks, the activities of these whales are capable of attracting more investors to the nascent niche, especially those who look up to the actions of top investors to make their investment decisions.

A glance at the rallying price of Bitcoin also underscores the effective presence of whales. 

The flagship cryptocurrency has recently seen huge gains and is now trading at $56,845.63 with a 6.02% increase in the last 24 hours. The coin is gradually surging towards $60,000 and may probably reach $70,000 in no time if current predictions play out.

At this point, it is clear that higher investment will take priority in determining Bitcoin’s price action. Therefore, the possibility of having more investors delve into the leading cryptocurrency is quite high. Many traders will probably jump into the market due to FOMO and should the current bullish streak continue, joining the bandwagon might not be so much of a risky bet.