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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Addresses holding 0.1% of the Bitcoin supply or more have added over $1.5B in BTC holdings in the last two weeks. pic.twitter.com/MrHKLXO9qx</p>  
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  <p>— IntoTheBlock (@intotheblock) September 1, 2023</p> 
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 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">This uptick in accumulation notably follows the buzz surrounding the potential introduction of a spot Bitcoin ETF in the US.</span></p>  
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 </div> 
 <h2 id="b-spotlight-on-the-etf-drama-b"><b>Spotlight on the ETF Drama</b></h2> 
 <p><span style="font-weight: 400;">Grayscale, a crypto asset management firm, recently </span><span style="font-weight: 400;">emerged victorious</span><span style="font-weight: 400;"> in a legal tussle against the US SEC. A U.S. judge championed their cause, instructing the Securities and Exchange Commission to reverse its previous stand on Grayscale’s proposal to convert its GBTC into a spot Bitcoin ETF. As a market barometer, Bitcoin resonated with this win as its price surged by over $2,000, marking a two-week high slightly above $28,000.</span></p> 
 <p><span style="font-weight: 400;">Yet, while the crypto community was gearing up for celebrations, hoping for the ETF’s approval, the SEC threw a curveball. The regulator opted for a conservative stance, </span><span style="font-weight: 400;">deferring</span><span style="font-weight: 400;"> the verdict on all active bitcoin ETF applications, including one from the financial titan BlackRock.</span></p> 
 <blockquote> 
  <p><span style="font-weight: 400;">IntoTheBlock’s analytics suggest that the $30,000 mark is pivotal for Bitcoin. A staggering 6.2 million wallets have acquired approximately 2.6 million BTC within this price bracket.&nbsp;</span></p> 
 </blockquote> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Bitcoin is back in the spotlight as Greyscale emerges victorious from its SEC lawsuit. The next milestone? $30k. Our on-chain data reveals that 6.2M addresses acquired ~2.6M $BTC between the current price and $30k. These 'bubbles' are significant &amp; could burst two ways: </p> 
  <p>Bearish… pic.twitter.com/EF2cJtjRx4</p> 
  <p>— IntoTheBlock (@intotheblock) August 31, 2023</p> 
 </blockquote> 
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 <p><span style="font-weight: 400;">Depending on market sentiment, these could induce an upward push in price or initiate a cascade of sales. If a spot Bitcoin ETF gets the green light in the future, a bullish price surge toward the $30,000 mark seems plausible.</span></p> 
 <h2 id="b-ethereum-whales-make-waves-b"><b>Ethereum Whales Make Waves</b></h2> 
 <p><span style="font-weight: 400;">Nevertheless, it’s not just the Bitcoin ocean where whales make waves. Ethereum has seen a noteworthy rise in its long-term holders, overshadowing Bitcoin. On-chain metrics from IntoTheBlock spotlight Ethereum’s 73.5 million long-term aficionados, dwarfing Bitcoin’s 33.61 million, per FXStreet.</span></p> 
 <blockquote> 
  <p><span style="font-weight: 400;">Today, according to CoinMarketCap, Bitcoin price trades at </span><span style="font-weight: 400;">$25,644.44</span><span style="font-weight: 400;"> with a 24-hour trading volume of $17.3B. Even with a slight dip of 2.50% in the past day, its dominant position remains unchallenged, with a market cap nearing the half-trillion-dollar mark.</span></p> 
 </blockquote> 
 <p><span style="font-weight: 400;">While Bitcoin continues its dance with regulators and market speculators, the more significant narrative might be the shifting dynamics of whale behaviors, especially with Ethereum slowly capturing the limelight.</span></p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-whales-add-1-5-billion-worth-of-btc-in-last-two-weeks-tbt61263.html">https://thebittimes.com/bitcoin-whales-add-1-5-billion-worth-of-btc-in-last-two-weeks-tbt61263.html</a></p>

Bitcoin Whales Add $1.5 Billion Worth of BTC In Last Two Weeks

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