Bitcoin Whales Amass $1.4B in BTC Following US Congress FIT21 Bill Approval

The recent regulatory changes in the United States have triggered a bullish wave in the Bitcoin (BTC) market, significantly impacting the altcoin sector.

Several Congress members urged SEC Chair Gary Gensler and other commissioners to approve spot Ethereum (ETH) ETFs. Additionally, the FIT21 bill establishes clear cryptocurrency regulations in the world’s largest economy.

These developments have fueled a renewed interest and significant investments in Bitcoin, with whales accumulating $1.4 billion worth of BTC.

Bitcoin Whales Increase Holdings Amid Market Volatility

Bitcoin whales are ramping up their purchases as market volatility rises. Recent on-chain data from IntoTheBlock shows that whales holding between 1,000 and 10,000 BTC have increased their accumulation significantly.

In the past week alone, these investors have added 20,000 BTC, worth approximately $1.4 billion, to their holdings.

This surge in whale activity coincides with substantial capital inflows into Bitcoin ETFs. Over the past eight days, spot Bitcoin ETFs have seen around $1.7 billion in new investments.

Bitcoin Faces Resistance at $72K Amid Increased Interest in Ethereum

Bitcoin’s price hit significant resistance near $72,000, leading to a retracement below $68,000 on Thursday. Many Bitcoin traders are now shifting their focus to Ethereum, anticipating the approval of a spot Ether ETF.

A well-known crypto analyst, Quinten | 048.eth on the X platform, notes that Bitcoin’s current price cycle resembles the 2017-2018 bull run. With institutional investors now participating, he believes this bull cycle could surpass the 2017 crypto boom.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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