According to Crypto Strategist, Bitcoin ETFs in the US now hold approximately $27,000,000,000 worth of BTC
Crypto analyst and trader Ali Martinez says recently launched spot exchange-traded funds (ETFs) Bitcoin (BTC) are suddenly holding a huge amount of the crypto king.
Martinez tells his 41,600 followers on the social media platform X that the ETF products now contain tens of billions of dollars worth of BTC.
“Bitcoin ETFs in the US now hold over 638,900 BTC, worth around $27 billion [as of Sunday]! Probably nothing.”
Source: Ali Martinez/X
The trader also noted that there was a spike in the number of Bitcoin whales – wealthy investors who held more than 1,000 BTC – on Friday.
“[January 19th] marks a notable surge in Bitcoin whales! The number of addresses with more than 1,000 BTC has reached its highest level since August 2022 and is now 1,510 [BTC]. This increase in large BTC holders could signal strong confidence or strategic positioning in the market.”
Source: Ali Martinez/X
Bitcoin is trading at $39,893 at the time of writing, down more than 4% in the last 24 hours.
The trader also says Ethereum (ETH) may be at a critical moment where it could break out or suddenly fall based on the In/Out of the Money Around Price (IOMAP) metric, which attempts to identify key buying and sales areas.
“Ethereum Market Update: ETH is currently in a key demand zone between $2,388 and $2,460. If this support remains strong, there is a clear path with minimal resistance that offers potential for an upward move.
However, if ETH cannot hold this level, it could see a pullback to the next key support area around $2,000.”
Source: Ali Martinez/X
Ethereum is trading at $2,325 at the time of writing, down almost 6% in the last 24 hours.
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