Bitcoin whales and sharks continue to accumulate and now hold 66% of the circulating supply of $BTC

Major Bitcoin investors ($BTC) have increased their holdings of the flagship cryptocurrency so far this year, now controlling the highest amount they have held in 2023, 13.03 million coins.

According to on-chain analytics firm Bitcoin, the sharks and whales, defined as wallets holding 10 to 10,000 BTC, have accumulated so much that they now own over 66% of the flagship cryptocurrency’s circulating supply.

The company also announced that wallets holding between 100,000 and 10 million USDT tokens have increased their purchasing power to now hold $15 billion worth of the stablecoin, a 6-week high.

The accumulation comes as major financial powers, collectively managing a staggering $27 trillion in assets, are moving into the world of Bitcoin and cryptocurrencies after leading a race to list the first Bitcoin exchange-traded fund (ETF). in the United States have kicked away behind them.

As CoinShares Chief Strategy Officer Meltem Demirors noted, at least eight financial giants, including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America, are “actively working to provide access to Bitcoin. ” and more.”

Santiment’s data appears to show that Bitcoin and Tether sharks and whales appear to have accelerated their pace of accumulation immediately after BlackRock first filed its spot Bitcoin exchange-traded fund with the US Securities and Exchange Commission (SEC). .

BlackRock, the world’s largest asset manager, made a groundbreaking move on June 16 with a spot application for a Bitcoin exchange-traded fund, seemingly setting off a domino effect as its rivals rushed to file similar applications.

The market responded with a flurry of activity that saw the price of flagship cryptocurrency Bitcoin hit a new annual high above $31,000. The price has since corrected and is now at $26,800.

Featured image via Unsplash.

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