Accumulate

Bitcoin

Arkham

Spot

<a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-44k/">Bitcoin is back above $44,000</a> for the first time since the <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">Spot Bitcoin ETFs were approved for trading in January</a>. This price surge is believed to be due to several factors that have played out in favor of the bulls in recent times.&nbsp; 
<h2 id="btc-whales-accumulate-more-bitcoin">BTC Whales Accumulate More Bitcoin</h2> 
Citing data from Glassnode, <a href="https://bitcoinist.com/122000-surge-shiba-inu-price/" rel="nofollow">crypto analyst Ali Martinez</a> <a href="https://x.com/ali_charts/status/1755165260741247023?s=20" rel="nofollow">revealed</a> recently that Bitcoin whales have been accumulating more BTC, with around 73 new addresses now holding 1,000 BTC or more. This figure is said to mark a 3.66% increase in the last two weeks, thereby continuing the accumulation trend.&nbsp; 
NewsBTC had <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-buying-spree/">previously reported</a> how Bitcoin whales had gone on a buying spree following Bitcoin’s decline to below $40,000. The flagship crypto token is believed to have dropped to that level due to the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etfs-experience-day-12-reversal-gbtc-selling-slows-fidelity-and-blackrock-garner-400-million/">significant selling pressure from Grayscale</a>, the issuer of the GBTC Spot Bitcoin ETF.&nbsp; 
The asset manager has, however, cooled off on its BTC sell-offs recently as outflows from the fund continue to decline. This is another factor that could have contributed to Bitcoin’s recent price surge. Data from the on-chain analytics platform Arkham Intelligence shows that other whales like <a href="https://www.newsbtc.com/crypto/crypto-ftx-celsius-matic-eth-wbtc/#:~:text=On%2Dchain%20data%20shows%20that,and%201150%20ETH%20to%20Wintermute.">FTX and Alameda Research</a> have also eased off on offloading their crypto tokens.&nbsp; 
<h2 id="spot-bitcoin-etfs-doing-their-bit">Spot Bitcoin ETFs Doing Their Bit</h2> 
There has been <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">increased institutional demand</a> for Bitcoin thanks to the Spot Bitcoin ETFs. This is evident in the success which these funds have achieved since their launch. As a result, the issuers of these funds, like the <a href="https://bitcoinist.com/blackrock-seeded-bitcoin-spot-etf/" rel="nofollow">world’s largest asset manager, BlackRock</a>, have had to accumulate a significant amount of Bitcoin. 
Recently, these asset managers were <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">reported</a> to hold over 657,000 BTC, thereby accounting for more than 3% of Bitcoin’s circulating supply. The newly listed <a href="https://bitcoinist.com/bitcoin-fall-30-top-2-altcoins/" rel="nofollow">Spot Bitcoin ETFs</a> (excluding Grayscale) alone hold about 187,000 BTC. Interestingly, these funds are well on their way to <a href="https://x.com/dotkrueger/status/1755390565427081409?s=20" rel="nofollow">surpassing MicroStrategy</a>, which has a BTC holding of 190,000. 
Meanwhile, Spot Bitcoin ETFs <a href="https://bitcoinist.com/will-a-spot-bitcoin-etf-launch-in-hong-kong-in-the-first-quarter/" rel="nofollow">could launch soon</a> in Hong Kong with 10 applications already made to the country’s financial regulators. This is another narrative that could be driving Bitcoin’s current price surge, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crosses-35000/">seeing the impact</a> that the approval rumors in the US had on Bitcoin’s price towards the end of last year.&nbsp; 
Hong Kong isn’t the only country in Asia showing crypto enthusiasm as Thailand was <a href="https://bitcoinist.com/thailands-crypto-becomes-vat-free-are-the-details/" rel="nofollow">recently reported</a> to have removed VAT (Value Added Tax) on crypto trading.&nbsp; 
At the time of writing, Bitcoin was trading at around $44,800, up over 4.4% in the last 24 hours, according to data from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/7ShmB8sM/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Bitcoin Price Jumps Above $44,000, Here Are The Factors Driving It

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