Bitcoin Whales Boost BTC Accumulation: Potential Surge to $74,000 on the Horizon?
- Bitcoin continues to trade within the $60,000 to $70,000 range, with high-net-worth BTC holders rapidly accumulating the coin, according to on-chain analyst Willy Woo.
- Despite arguments that this could be due to spot Bitcoin exchange-traded fund (ETF) issuers, Woo maintains that the uptick is not due to Wall Street players.
- With Bitcoin prices trending sideways, analysts predict an eventual spike to $100,000.
Bitcoin whales are rapidly accumulating the coin, despite the cryptocurrency trading within the $60,000 to $70,000 range. This article delves into the details of this development and its potential implications for the future of Bitcoin.
High Net-worth Whales Accumulating
On-chain analyst Willy Woo has noted that whales, entities holding between 100 and 1,000 BTC, have been significantly accumulating the coin over the past two months. This has been described as the “strongest buying spree” by such whales in recent history. However, some argue that this sharp spike in BTC accrual could be due to spot Bitcoin exchange-traded fund (ETF) issuers, who now control over 850,000 BTC following the approval of the first spot ETFs by the United States Securities and Exchange Commission (SEC) in January.