New data from market intelligence firm IntoTheBlock reveals that deep-pocketed crypto investors have accumulated tens of billions of dollars worth of Bitcoin since BTC exchange-traded funds (ETFs) launched in January.
In a new article, IntoTheBlock says that the top crypto asset by market cap’s era of institutional adoption is here as crypto whales have gobbled up nearly $16.8 billion worth of BTC since the U.S. Securities and Exchange Commission (SEC) approved spot market BTC ETFs earlier this year.
“For years, the crypto industry has been rallying around the message of ‘institutions are coming.’ Following the launch of the spot BTC ETFs on the New York stock exchange, it is quite evident that institutions have arrived.”
According to the analytics platform, the amount of BTC held by whales is back to the levels before the crypto exchange FTX collapsed. However, IntoTheBlock says that this time around, traditional finance firms have stepped into the role that crypto asset managers held.
“The amount of Bitcoin held by addresses with over 1,000 BTC (‘whales’) has increased by 250,000 BTC since the launch of the ETFs.
The aggregate amount of Bitcoin held by whale addresses in aggregate is now back near the levels it was prior to the FTX collapse. However, the type of entities within this category has changed drastically – previous industry giants like Genesis, FTX and 3AC (Three Arrows Capital) got wiped out during the 2022 bear market.
Now traditional finance entities have stepped in and accumulated sizable amounts of Bitcoin since then. Many anticipated hedge funds would buy Bitcoin ETFs, and this week it was revealed that was indeed the case, with institutions like Millenium Management buying as much as $2 billion.”
The crypto king is trading for $66,635 at time of writing, a fractional increase during the last 24 hours.
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