Bitcoin whales have been accumulating an impressive amount of BTC, with a total value of $1.4 billion, as the US Congress passed the FIT21 bill. This regulatory shift in the United States has caused a surge in bullish sentiment for Bitcoin and the altcoin industry. Additionally, several Congress members have urged SEC Chair Gary Gensler to approve spot Ethereum ETFs, further fueling the cryptocurrency market’s optimism.
According to on-chain data analysis from IntoTheBlock, Bitcoin whales with balances between 1k and 10k have been increasing their accumulation pace in recent days. Within the past seven days alone, these whales have added 20k BTC, equaling $1.4 billion. This accelerated accumulation coincided with significant cash inflows to spot Bitcoin ETFs, which attracted approximately $1.7 billion in the last eight days.
The demand for Bitcoin has remained strong since the fourth Bitcoin halving over a month ago, as various jurisdictions rush to accumulate the limited digital asset. However, Bitcoin’s price has encountered resistance around $72k, resulting in a retrace below $68k on Thursday. Nonetheless, many Bitcoin traders are turning to Ethereum, expecting the approval of spot Ether ETFs.
A well-known crypto analyst, Quinten | 048.eth, has compared Bitcoin’s price action to the 2017/2018 bull run and believes that this current cycle, with the participation of institutional investors, will surpass the 2017 crypto bubble. This further adds to the anticipation surrounding Bitcoin’s future price movements.