Crypto analyst and trader Ali Martinez says that the recently launched spot Bitcoin (BTC) exchange-traded funds (ETFs) suddenly hold a massive amount of the crypto king.
Martinez tells his 41,600 followers on the social media platform X that the ETF products now hold tens of billions of dollars worth of BTC.
“Bitcoin ETFs in the US now hold over 638,900 BTC, worth around $27 billion [as of Sunday]! Probably nothing.”
The trader also noticed that on Friday there was an uptick in the number of Bitcoin whales – deep-pocketed investors holding more than 1,000 BTC.
“[January 19th] marks a notable uptick in Bitcoin whales! The number of addresses holding over 1,000 BTC has reached its highest since August 2022, now totaling 1,510 [BTC]. This increase in large BTC holders could signal strong confidence or strategic positioning in the market.”
Bitcoin is trading for $39,893 at time of writing, down more than 4% in the last 24 hours.
The trader also says that Ethereum (ETH) may be at a critical moment when it could break out or suddenly dip based on the In/Out of the Money Around Price (IOMAP) metric, which attempts to spot key buying and selling areas.
“Ethereum market update: ETH is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there’s a clear path ahead with minimal resistance, offering a potential for upward movement.
However, if ETH fails to maintain this level, we might see a pullback to the next significant support area around $2,000.”
Ethereum is trading for $2,325 at time of writing, down nearly 6% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney