Key Points
- Bitcoin whale addresses have increased to over 2,000 following the approval of the Bitcoin spot ETF in the US.
- Despite recent price decrease, whales who purchased Bitcoin during this period are still holding at a profit.
The number of Bitcoin whale addresses, those holding 1,000 or more Bitcoin (BTC), has seen a significant increase following the approval of the spot ETF in the US.
This increase suggests that the approval of the spot ETF has spurred increased activity among whales, leading to more accumulation of BTC.
Profitability of Whale Holdings
The assets accumulated by these whales following the ETF approval have proven profitable. Despite a recent decrease in the price of BTC, the current state of the Bitcoin 90-day Market Value to Realized Value ratio (MVRV) suggests that whales who purchased during this period are still holding at a profit.
The MVRV had decreased to around 13.24% at the time of writing, returning to the region it was in before the approval. This decrease is attributed to the recent price decrease observed in BTC.
Bitcoin Price Trend
Analysis of Bitcoin’s price trend on a daily timeframe chart revealed a notable surge following the approvals, reaching new highs. However, the price has been moderated in recent weeks, dipping below the established threshold of over $70,000.
At the time of writing, BTC was trading over $69,000. Despite the decline, it remained close to the $70,000 price zone and was in a bullish trend, as indicated by its Relative Strength Index (RSI) being above 50.
