Over the past few weeks, major holders of the flagship cryptocurrency Bitcoin ($BTC), colloquially known as whales and sharks, have been accumulating new coins in significant fashion, particularly after BlackRock applied for a spot bitcoin exchange-traded fund (ETF).
According to on-chain analytics firm Santiment, holders with 10 to 10,000 BTC in their wallets have bought over 154,600 BTC worth over $4.75 billion since the end of April, with a notable surge over the past two weeks . The accumulation came after the world’s largest wealth manager, BlackRock, submitted an application for the ETF.
The market responded to BlackRock’s filing with a flurry of activity, which saw the price of its flagship cryptocurrency, Bitcoin, make a new yearly high above the $31,000 mark.
As reported by CryptoGlobe, popular cryptocurrency analyst Willy Woo announced that he believes the price of the flagship cryptocurrency could surge 10x under certain conditions, meaning one BTC would trade above $300,000.
Woo, who shares his analysis with a fanbase of over a million users on the microblogging platform Twitter, found that eight institutions already involved to varying degrees in the blockchain and tokenization space have 5% of their assets under management (AUM) move there The price of the cryptocurrency Bitcoin would rise to $310,000.
Woo’s words come as major financial groups, who together manage a staggering $27 trillion in assets, are making inroads into the world of bitcoin and cryptocurrencies following a race to list the first bitcoin exchange-traded fund (ETF) in the United States has begun.
These financial giants, which include 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,” according to Meltem Demirors, chief strategy officer of CoinShares.
Late last year, Woo commented on bullish $1 million BTC price predictions made over the past few months by former Goldman Sachs executive Raoul Pal and an analyst from Ark Invest, among others. According to him, Bitcoin could become a “real challenger to fiat, so this is a price range where fiat collapses.”
Recommended image via Pixabay.
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