Bitcoin

The current scenario of Bitcoin is characterized by its movement within a tight range between $30,000 and $31,000. It is evident that whales and sharks are heavily accumulating Bitcoin and show no signs of slowing down, even with the price in a narrow range. 
According to recent data from Santiment, an on-chain analytics firm, addresses holding 10 to 10,000 Bitcoin have accumulated 71,000 Bitcoin in the past three weeks, which is equivalent to approximately $2.15 billion. This accumulation trend coincides with the filing of a Bitcoin spot ETF by major asset management firm BlackRock, as well as similar filings by Wisdom Tree, Invesco, Fidelity, and VanEck. 
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In 2023, Bitcoin experienced a significant gain of approximately 83%, with a substantial portion of the increase occurring after <a href="https://news.todayq.com/blackrock-ceo-larry-fink-changes-stance-on-cryptocurrencies-embraces-bitcoin-and-blockchain/">BlackRock</a> applied for a spot Bitcoin ETF on July 15. Glassnode, another prominent on-chain analytics firm, supports the notion of increasing bullish sentiment. Their data reveals a noticeable uptick in the share of Bitcoin supply held or traded by U.S. entities following the announcement of BlackRock’s Bitcoin ETF filing on June 15. This development could potentially mark a significant shift in supply dominance and adds further weight to the positive sentiment surrounding Bitcoin. 
The recent price action of Bitcoin has been supported by the filing of a Bitcoin spot ETF by BlackRock, one of the world’s largest asset management companies. The news of traditional financial giants seeking approval for ETFs based on Bitcoin has fueled optimism in the market. Although the cryptocurrency reached a new yearly high of $31,525, it is currently trading within a narrower range between $30,000 and $31,000. 
On June 28, <a href="https://news.todayq.com/microstrategy-bolsters-bitcoin-holdings-with-347-million-purchase-solidifying-its-crypto-commitment/">MicroStrategy</a>, led by crypto advocate Michael Saylor, acquired an additional 12,333 Bitcoins for $347 million, as stated in SEC filings. This move highlights MicroStrategy’s strong belief in Bitcoin and its commitment to cryptocurrency. The company has demonstrated its ability to capitalize on market fluctuations by purchasing Bitcoins at an average price of approximately $28,136. 
With this latest acquisition, MicroStrategy now holds a total of 152,333 Bitcoins, valued at more than $4 billion based on the current Bitcoin price of approximately $30,100. Overall, the company has invested more than $4 billion, inclusive of fees and expenses, in Bitcoin at an average price of roughly $29,668. 
These actions towards cryptocurrencies and the Bitcoin ETF indicate that not only influential investors but also banking institutions worldwide are actively involved in this trend, thereby drawing more investors towards crypto investments. 
© Todayq News

Bullish sentiment: 71,000 Bitcoins accumulated by sharks and whales

Todayq News

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