According to new data from crypto intelligence firm IntoTheBlock, Bitcoin (BTC) whales have accumulated billions of dollars worth of Bitcoin in the last 30 days. According to data from IntoTheBlock, the amount of BTC held in wallets containing more than 1,000 Bitcoins increased significantly in the first month of 2024. IntoTheBlock highlighted that this figure has data that includes assets such as BTC exchange-traded funds (ETFs) approved by the SEC earlier this year.
The group called Whales, which is among the organizations holding more than 1,000 BTC; It includes holdings from individual and institutional investors, including BTC ETFs approved by the SEC earlier this year. Including GBTC, Bitcoin ETFs currently hold 3.23% of BTC’s circulating supply. Whales have accumulated an average of $3 billion (76,000 BTC) in assets so far in 2024.
Notably, Bitcoin ETFs showed net inflows of $820 million, representing 3.23% of Bitcoin’s circulating supply. High ownership of Bitcoin ETFs may reflect growing interest in BTC among traditional financial investors, indicating broader acceptance of the crypto asset. This shows that Bitcoin has a higher share of supply than the gold example, which accounts for 1% of the total market value.
Fear, uncertainty and doubt (FUD) revolving around Grayscale’s spot market Bitcoin ETF (GBTC) is the reason behind the $4.3 billion exodus, according to a report from analysis firm IntoTheBlock. In addition, at least $1 billion of these outflows are due to bankrupt companies. crypto- It was determined that it came from the stock exchange FTX.
It was stated that FTX’s bankruptcy estate held GBTC at a discount and preferred to sell to avoid loss before a possible ETF conversion. It was stated that many loss-making organizations, including DCG, the parent company of Genesis, decided to exit GBTC.
GBTC was traded at a 47.35% discount to its net asset value on February 13, 2023. However, this discount gradually narrowed over time and fell to zero on January 26.
Koinfinans.com As we reported, Bitcoin is trading at $42,274 at the time of writing. Additionally, it has recorded a small decline in the last 24 hours.