Bitcoin ETF

Bitcoin

BlackRock

As Bitcoin’s price grazed the $64,000 milestone on Feb. 28, market indicators indicate an imminent rally to new all-time highs above $70,000.&nbsp; 
Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) grabbed headlines again on Feb. 28, as prices surged to a daily timeframe peak of $64,000, its highest in 830 days. With whale investment metrics still flashing green signals, a new all-time high could be on the cards for the pioneer cryptocurrency.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-whales-in-firm-control-holding-60-of-the-total-supply">Bitcoin whales in firm control: Holding 60% of the total supply&nbsp;</h2> 
The Bitcoin ETF approval was undoubtedly a real watershed moment for the crypto sector. At press time on Feb. 28, the overall market capitalization of the crypto industry has skyrocketed by $450 billion to reach a three-year peak of $2.25 trillion.&nbsp;&nbsp; 
The boom in the crypto sector inflows was led by record-breaking demand by 10 newly-launched Bitcoin ETFs, who have jointly acquired over 665,850 BTC, around $40 billion, in less than six weeks of trading.&nbsp; 
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 <img loading="lazy" decoding="async" width="1600" height="433" src="https://crypto.news/app/uploads/2024/02/image-85.png" alt="Bitcoin whales invest $700b as BTC price heads to $70k - 22" class="wp-image-14253596">
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 Bitcoin ETFs On-chain Holdings, Feb. 28, 2024 | Source: <a href="https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-onchain-holdings" target="_blank" rel="noreferrer noopener">TheBlock</a>
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However, a closer look at the on-chain data shows that aside from the ETF holdings, a broader range of large corporate entities and high net-worth investors have plunged headfirst into the BTC market. The air of legitimacy provided by the U.S. Securities and Exchange Commission’s (SEC) approval verdict has been pivotal to this trend.&nbsp; 
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 <img loading="lazy" decoding="async" width="1600" height="751" src="https://crypto.news/app/uploads/2024/02/image-87.png" alt="Bitcoin (BTC) Whales Balances Trend vs. Price" class="wp-image-14253598">
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 Bitcoin (BTC) Whales Balances Trend vs. Price | Source: <a href="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2021-09-06T00%3A00%3A00.000Z&amp;emnm=1&amp;emcg=1&amp;wm=%5B3%3Bholders_distribution_combined_balance%3B100_to_1k%3B1k_to_10k%3B10k_to_100k%3B100k_to_1M%3B1M_to_10M%3B10M_to_100M%3B100M_to_1B%3B1B_to_inf%5D%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%3B" target="_blank" rel="noreferrer noopener">Santiment</a>
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The Santiment chart presents the historical trend of Bitcoin balances held in whale wallets with a minimum of 100 BTC, roughly $600,000. The chart shows that between May 2022 and January 2023, whales rapidly offloaded 500,000 BTC from their holdings.&nbsp;&nbsp; 
That period coincided with the <a href="https://crypto.news/bitcoin-ethereum-price-levels/" data-type="post" data-id="14070111" target="_blank" rel="noreferrer noopener">TerraUST collapse</a> and the <a href="https://crypto.news/sbf-trial-day-2-ftx-founder-lied-says-prosecutors-defense-blames-ellison-and-bitcoin-crash/" data-type="post" data-id="14200789" target="_blank" rel="noreferrer noopener">FTX crash</a> of 2022, which reflected severe cases of corporate governance and internal control failure.&nbsp;&nbsp; 
Since then, whales have begun repurchasing BTC after the SEC confirmed official Bitcoin filings by BlackRock around September 2023.&nbsp; 
In addition to the SEC’s tacit co-sign, the resilience shown by entities like <a href="https://crypto.news/microstrategy-bitcoin-for-155m/" data-type="post" data-id="14252619" target="_blank" rel="noreferrer noopener">MicroStrategy</a> and sovereign governments seen in <a href="https://crypto.news/el-salvador-votes-for-continuity-and-crypto-under-bukeles-leadership/" data-type="post" data-id="14245198" target="_blank" rel="noreferrer noopener">El Salvador</a> and the <a href="https://crypto.news/central-african-republic-creates-task-force-to-draft-crypto-bill/" data-type="post" data-id="14114690" target="_blank" rel="noreferrer noopener">Central African Republic</a> in recent years has also shored up corporate confidence in Bitcoin.&nbsp; 
At the time of writing on Feb. 28, the whales now hold 11.7 million BTC worth approximately $714 billion, which accounts for 60% of the total supply currently in circulation, the highest in over two years.&nbsp;&nbsp; 
Large institutional investors are known to have a longer-time investment horizon than short-term retail swing traders. Their tendency to accumulate and retain large amounts of BTC effectively reduces the available supply in the market, creating scarcity and exerting upward pressure on prices.&nbsp; 
Hence, by controlling a significant share of the market supply, the resurgent Bitcoin whales will likely drive Bitcoin price toward an all-time high above $70,000 in the coming weeks.&nbsp; 
<h2 class="wp-block-heading" id="price-forecast-can-bitcoin-reach-70-000-in-march-2024">Price forecast: Can Bitcoin reach $70,000 in March 2024?&nbsp;</h2> 
At the time of writing on Feb. 28, BTC is currently trading at $59,141. If the Bitcoin whales’ buying trend persists in March 2024, the BTC price rally will likely advance toward $70,000.&nbsp; 
However, the historical accumulation trend shows that BTC faces stiff resistance around the $62,400 area.&nbsp; 
IntoTheBlock’s in/out of the money data shows that 326,790 addresses had acquired 94,990 BTC at the maximum price of $62,424. Since those investors have been holding a loss since November 2021, many could exit as BTC’s price breaks even. 
If the bulls can surmount that sell-wall, it could generate stronger bullish momentum for a new all-time high above $70,000 as predicted.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="490" src="https://crypto.news/app/uploads/2024/02/image-86.png" alt="Bitcoin (BTC) Price Forecast, Feb 2024" class="wp-image-14253597">
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 Bitcoin (BTC) Price Forecast, Feb. 2024. | Source: <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noreferrer noopener">IntoTheBlock</a>
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Alternatively, bears could seize control of the markets if they force a sharp downswing below $55,000. But currently, this seems a tall order considering the looming support buy-wall mounted at $57,360 territory.

Bitcoin whales invest $700b as BTC price heads to $70k

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