Following the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC), the Bitcoin (BTC) price has not gained any momentum besides price consolidation. Amid this price consolidation, Bitcoin whales are continuously accumulating more BTC.
Bitcoin Whales’ activity following ETF approval
According to recent data from on-chain analytic firm Glassnode, around 73 new crypto whales now hold more than 1000 BTC, and this number has increased by over 3.6% in just two weeks. It looks like whales and investors see the current BTC price and ongoing consolidation as an opportunity, as they are significantly accumulating.
As of writing, Bitcoin is struggling to gain momentum and is currently trading near $42,850. In the last 24 hours, it experienced a modest 0.4% upside momentum. Looking at BTC over a longer period, in the last 7 days, as it consolidates in a tight range, it experienced only a 1% positive move, whereas in the last 30 days, Bitcoin saw over 2.5% downside momentum.
Bitcoin’s technical analysis and upcoming price
According to experts’ technical analysis, Bitcoin on a daily time frame is forming an inverted head and shoulder pattern. In the coming days, if Bitcoin’s daily candle closes above the $44,000 level, we may see a strong bullish move to $47,000. However, Bitcoin has been consolidating in a tight range for the last 2 months between $40,500 and $44,200. During this consolidation period, BTC also hit $48,000 during the ETF approval.
As of now, there are only two Bitcoin whales that hold over 200K Bitcoin, one holding 1.27% of the total Bitcoin, while the other holds over 1.04% of Bitcoin. On the other hand, 40 BTC whales in combination hold over 1.76 million Bitcoin, equivalent to 8.96% of the total Bitcoin supply. However, the majority of the volume that Bitcoin is experiencing is not because of these whales but because of retail investors, with only 9% of the volume these whales are creating on the exchanges.
Looking at data from on-chain analytic firm IntoTheBlock, if we examine all Bitcoin wallet addresses, over 41.96 million wallet addresses, equivalent to over 80%, are currently in profit. Over 6 million wallet addresses, equivalent to over 11.5%, are experiencing losses, whereas only 3.95 million Bitcoin wallet addresses are at breakeven, equivalent to 7.6%. By looking at this data, it is clear that the majority of Bitcoin holders are profitable, and only 11.63% of Bitcoin holders are in losses.
